Egypt’s Financial Regulatory Authority (FRA) has recently revealed that insurance companies licensed by the authority will provide an umbrella of insurance policies for citizens travelling abroad. The FRA also stated that it has coordinated with the Ministry of Interior to ensure that Egyptian citizens can access immediate assistance whilst travelling abroad in cases of accidents, emergencies, or illness.
The insurance coverage will be granted to more than 20 million Egyptians during trips whose duration does not exceed 90 consecutive days while their passports are valid. The limit of insurance coverage is €30,000 or its equivalent in other currencies, the first €100 being allocated to medical expenses and hospitalisation costs.
In case of death, insurance covers the costs of returning the deceased’s body to their country of residence.
To implement this mechanism, FRA Chairperson Mohamed Omran issued a declaration to establish the Egyptian Association for Travel Insurance. This will provide coverage for travellers against the dangers they may be exposed to during their travels abroad.
The FRA has taken into consideration the best international methods regarding travel coverage in all global markets. It has given travelling citizens the full right to conclude a supplementary travel insurance policy with additional coverage at any of the insurance companies licensed by the FRA, to issue the travel insurance documents needed.