Arab Finance: The board of directors of the Financial Regulatory Authority (FRA) issued Decree No. 196 of 2024, setting the minimum capital for Egypt-based insurance companies, in implementation of the provisions of the Unified Insurance Law issued in July 2024, according to a press release.

Accordingly, the insurance companies shall increase their minimum issued and paid-up capital in two phases over two years to EGP 400 million in the first phase within a year from the effective date of the decision and to EGP 600 million in the second phase by the end of the second year.

The decree sets capital for property and liability insurers operating within petroleum, aviation, or energy insurance at EGP 400 million in the first phase, to be raised by EGP 50 million for each practiced activity until it reaches EGP 600 million within two years from the decision’s effectiveness.

Under this law, the minimum capital for micro-insurance companies was set at EGP 40 million, while reinsurance companies shall set their capital at EGP 1 billion.

The capital of specialized insurance companies as well as medical insurance companies will stand at EGP 75 million each.

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