Egypt has signed on Sunday a cooperation protocol to expand and enhance life and disability insurance coverage for its citizens living abroad, the foreign ministry said in a statement. The agreement, part of the Your Insurance in Egypt Initiative, was signed by Deputy Foreign Minister Nabil Habashi and Financial Regulatory Authority (FRA) Deputy Chairman Islam Azzam, in the presence of Foreign Minister Badr Abdel-Atty and FRA Chairman Mohamed Farid. Under the revised scheme, the maximum insurance payout will rise to 250,000 Egyptian pounds ($5,171) from the current 100,000 pounds. Coverage will also be extended to all Egyptians abroad, not only those employed overseas, and will insure against death and total disability. The foreign ministry said the move reflects Egypt's commitment to strengthening social and financial protection for its expatriates and their families. Attribution: Amwal Al Ghad English
