Cairo –  Egypt-focused insurtech company Mal Bazaar has acquired licensed insurance brokerage and securing approvals from the Egyptian Financial Regulatory Authority (FRA).

The recent approvals will serve as a launchpad for Mal Bazaar to grow into a comprehensive insurance service mediator to serve a wide clients base, according to a press release.

Abbas Jammal, Founder and CEO of Mal Bazaar, stated: “We are immensely proud of this breakthrough as it not only signals our highest level of compliance but also deepens the strength of our offerings to the Egyptian market.”

“We are excited to scale our innovative My Policy management platform, offering clients a seamless and user-friendly experience while managing their corporate insurance policies. This marks yet another step forward towards disrupting the insurance space through digital transformation,” Jammal added.

With a clientele spanning fast-moving consumer goods (FMCGs), pharmaceuticals, and startups, Mal Bazaar’s tech-driven insurance solutions cover medical, motor, property, and inland cargo needs.

Mal Bazaar offers a comprehensive range of insurance solutions, including 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.

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