PriyaPatel
TLDR: Egyptian Insurtech Mal Bazaar receives regulatory approvals from FRA
Key points:
- Mal Bazaar acquires licensed insurance brokerage and approvals from FRA.
- Launchpad for Mal Bazaar to become a comprehensive insurance service mediator.
Egypt-focused insurtech company Mal Bazaar has received regulatory approvals from the Egyptian Financial Regulatory Authority (FRA) to operate as a licensed insurance brokerage. This marks a significant milestone for Mal Bazaar, allowing the company to expand and offer a comprehensive range of insurance solutions to a wide client base. Abbas Jammal, the Founder and CEO of Mal Bazaar, expressed pride in achieving these approvals, which not only demonstrate compliance but also strengthen the company’s offerings in the Egyptian market.
Mal Bazaar is set to leverage its innovative My Policy management platform to provide clients with a seamless and user-friendly experience in managing their corporate insurance policies. The company’s tech-driven insurance solutions cover a variety of needs, including medical, motor, property, and inland cargo insurance. With a diverse clientele spanning FMCGs, pharmaceuticals, and startups, Mal Bazaar aims to disrupt the insurance space through digital transformation.
Some of Mal Bazaar’s key insurance solutions include property insurance valued at over EGP 20 billion, medical insurance for more than 10,000 members, motor fleet insurance exceeding EGP 700 million, life insurance valued at over EGP 1.50 billion, and inland cargo insurance covering goods worth more than EGP 11 billion. These approvals from FRA provide Mal Bazaar with a solid foundation to further enhance its services and cater to the evolving needs of the Egyptian insurance market.
