As part of the state’s efforts to protect the interests of Egyptians abroad and strengthen their connection to the homeland, Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, and Ambassador Nabil Riad Habashi, Deputy Minister of Foreign Affairs, International Cooperation and Egyptians Abroad, signed a cooperation protocol aimed at expanding the insurance protection umbrella for Egyptians working abroad, and maximizing their benefit from the insurance coverages stipulated in the optional insurance policy allocated to them.

The protocol includes integrating coverage for the risks of arbitrary dismissal into the document starting from the first of next August, and making it available on an optional basis to all Egyptians working and residing abroad through the platform dedicated to this, while spreading awareness of the importance of the document and facilitating their subscription procedures.

During the signing ceremony at the headquarters of the Financial Regulatory Authority, Dr. Islam Azzam, Chairman of the Authority, said that the protocol comes within the framework of integrating the efforts of state institutions to provide more comprehensive insurance protection for Egyptians abroad, reflecting the state’s keenness to develop the tools of this protection and respond to the humanitarian and social needs, and the changes that may affect the conditions of Egyptians in the various labor markets.

He added that the development of the document is an extension of what has been achieved since its update last year, as the indicators of the statistics of the Egyptian Travel Insurance Pool for travel abroad showed the issuance of 448,000 documents with premiums worth 110 million pounds, after raising the insurance amount from 100,000 pounds to 250,000 pounds.

The head of the authority confirmed that the addition of arbitrary dismissal coverage came after studying the demands that were raised during the Sixth Conference of Egyptians Abroad last year, and in coordination with the Ministry of Foreign Affairs and the Egyptian Association for Travel Insurance Abroad, to ensure insurance protection that meets the emerging needs while maintaining the financial sustainability of the policy. He pointed out that the ministry plays a key role in spreading awareness of the new coverages among Egyptian communities abroad, which contributes to the new coverages reaching all categories and segments, and maximizing the benefit from them.

Dr. Islam Azzam explained that the signing of the protocol moves the insurance policy for Egyptians working abroad to a new stage of development, by adding new and diverse coverages, and linking awareness and implementation efforts between the concerned parties, which strengthens social protection networks through flexible and safe insurance tools, driven by the Unified Insurance Law No. (155) of 2024 and the regulatory framework that the Authority is currently finalizing.

For his part, Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs, International Cooperation and Egyptians Abroad, said that the protocol represents a consolidation of the insurance benefits that include the sons of Egypt abroad, and a new link in the path of the state’s care for its sons, and will be followed by other steps to extend bridges of trust and communication between Egypt and its citizens throughout the world.

He conveyed to the attendees the greetings of Mr. Badr Abdel-Aty, Minister of Foreign Affairs, praising the spirit of cooperation that the Ministry witnessed during its collaboration with the Authority and the Travel Insurance Pool for Abroad, and the shared commitment to launching more initiatives and benefits that include diverse insurance coverages.

He explained that the directives of the political leadership focus on providing all means of protection and reassurance to expatriates from the homeland, and accordingly, the extended insurance umbrella is not limited to providing financial support in emergency situations, but extends to include a package of facilities that guarantee the citizen a real sense of security and stability.

Under the protocol, the insurance policy, after amendment, will include coverage for the risks of arbitrary dismissal with a compensation value of up to 100,000 pounds upon proof of termination of the employment relationship and deportation of the worker for reasons beyond his control, including collective return for political or economic reasons, in addition to coverage for total permanent disability resulting from an accident with a value of 250,000 pounds, as well as the coverages stipulated in cases of natural death or resulting from an accident, which include bearing the costs of transporting the body to the homeland according to the terms of the policy, in return for an annual premium of 400 pounds.

According to the protocol, the Ministry of Foreign Affairs, International Cooperation, and Egyptians Abroad is responsible for raising awareness of the policy and its benefits through its various channels and its outreach to Egyptian communities abroad, in addition to supporting awareness campaigns and related events. The Financial Regulatory Authority, through the Egyptian Travel Insurance Pool, is responsible for developing the implementation mechanisms for issuing policies and collecting premiums electronically, ensuring the prompt disbursement of compensation to beneficiaries, and conducting the necessary actuarial studies to review the policy's pricing based on actual results.