الهيئة العامة للرقابة المالية

Minister of Agriculture and FRA Chairman Convene to Expedite Agricultural Takaful Fund’s Initiatives –Wednesday 9 July 2025

Dr.  Alaa Farouk – Minister of Agriculture and Land Reclamation:

• The state is dedicated to bolster insurance protection for farmers, offering them comprehensive support.
• The Agricultural Takaful Fund is crucial; it supports small farmers and breeders by providing compensation and safeguarding them from risks and disasters.

Dr. Mohamed Farid – FRA Chairman:

• The Authority will offer comprehensive technical support and expert consultation to the Fund, ensuring its effective and efficient operation.
• Agricultural Takaful Fund is set to deliver vital insurance coverage, empowering agricultural workers to mitigate climate and other inherent risks, thus safeguarding their operational continuity.

Dr. Mohamed Farid, FRA Chairman hosted Mr. Alaa Farouk, Minister of Agriculture and Land Reclamation, at FRA’s headquarters in Smart Village. Their crucial meeting focused on expediting the implementation of the Agricultural Takaful Fund’s action plans and strengthening its role moving forward.

During the discussion, the Minister of Agriculture underscored the state’s unwavering commitment to bolster insurance protection for farmers. He emphasized providing comprehensive support, including compensation and protection against risks and disasters. This proactive approach aims to ensure the stability and increased productivity of the agricultural sector through technical assistance and coverage for damages stemming from natural calamities and pest infestations affecting crops, thereby mitigating their impact.

Minister Farouk further highlighted the paramount importance of the Agricultural Takaful Fund. He described it as a fundamental pillar for supporting small farmers and breeders, offering vital compensation and protection from risks and disasters. Its role is essential in stabilizing the agricultural sector by addressing damages caused by natural disasters and other pest-related threats to plant produce, ultimately limiting their adverse effects.

Minister of Agriculture elaborated, stating that this productive collaboration with the Financial Regulatory Authority will be pivotal in activating the Fund’s role and realizing its ambitious goals, while simultaneously safeguarding farmers’ investments from potential threats.

Dr. Mohamed Farid, FRA Chairman affirmed  FRA’s comprehensive support for Agricultural Takaful Fund. He highlighted that the Authority will provide technical assistance and expert guidance to ensure the Fund operates with maximum effectiveness and efficiency, all in accordance with the Unified Insurance Law.

Dr. Farid further clarified that Agricultural Takaful Fund will offer crucial insurance coverage to agricultural workers. This coverage aims to empower them to withstand climate and other inherent risks, enabling them to maintain their operations. This initiative is expected to significantly boost insurance, financial and investment inclusion across the sector.

He also pointed out that the Unified Insurance Law, enacted by President Abdel Fattah El-Sisi in July 2024, includes specific provisions for agricultural insurance and natural disaster coverage. This pivotal legislation creates a substantial opportunity to elevate the comprehensive support extended to farmers, ensuring their access to customized and fitting insurance solutions.

The two parties delved into strategies to activate the Fund’s crucial role, aiming to expand its insurance coverage to encompass both crops and livestock. A key focus was also placed on streamlining procedures to ensure agricultural sector workers gain access to more comprehensive insurance benefits. This vital support is designed to empower them to grow their businesses and crucially, to sustain their operations even when faced with future risks.

Concluding the meeting, both Minister Farouk and Dr. Farid expressed strong optimism that their joint cooperation will significantly boost the Agricultural Takaful Fund’s operations. They anticipate this collaboration will enhance the Fund’s ability to provide integrated insurance services, directly leading to more stable income for farmers and stimulating increased agricultural production across Egypt.

Agricultural Takaful Fund was established by a Presidential decree with the primary objective of covering damages from natural disasters and pest infestations affecting agricultural crops. This aims to mitigate their impact and safeguard beneficiaries’ income levels. To solidify its operational framework, Prime Minister’s Decree No. 2244 of 2024 later formed the Fund’s Board of Directors.

The Presidential decree specifically authorizes the Fund to enter into incentivized insurance contracts with plant agricultural producers and to engage in reinsurance with relevant companies. Beyond direct insurance, the Fund is also mandated to promote insurance awareness within the agricultural sector. It will also encourage and educate beneficiaries on adopting modern production technologies to reduce agricultural risks and enhance the creditworthiness of farmers and producers with financing institutions, facilitating their access to essential funding for their operations.

FRA Chairman Directs EPIC to Expedite EGP 100,000 Per Deceased in Regional Road Accident – Monday 7 July 2025

In accordance with the provisions of Unified Insurance Law No. 155 of 2024, issued by His Excellency the President of the Republic, Dr. Mohammed Farid, FRA Chairman has directed the Egyptian Compulsory Insurance Pool (ECIP) to take all necessary measures to accelerate the disbursement of essential compensation to the families of those deceased and injured in the recent tragic accident on the Regional Ring Road.

Under the Unified Insurance Law, the Egyptian Compulsory Insurance Pool (ECIP) is mandated to pay EGP 100,000 compensation for each death. Compensation for the injured will be determined based on the percentage of disability assessed by the Medical Commission.

FRA Chairman expressed his sincere condolences to the families of the deceased, praying for their patience and solace. He also wished a speedy recovery for the injured.

Dr. Farid urged Pool officials to immediately contact the victims’ families and the injured to address their inquiries. This proactive step aims to swiftly complete procedures and disburse the legally stipulated insurance amounts. As per Unified Insurance Law No. 155 of 2024, the Pool is solely responsible for disbursing compensation to those affected by road accidents, operating within the law’s new coverage limits. They must expedite compensation settlements for beneficiaries as soon as accident documentation is received and reviewed.

The Egyptian Compulsory Insurance Pool actively promotes traffic safety through ongoing awareness campaigns. These guidelines are crucial for protecting citizens and drivers, and for preventing accidents. These guidelines are as follows:

• Always drive at a speed that allows you to stop safely if you see a hazard, even if the road condition permits faster speeds.
• Stay focused on the road. Don’t let anything else distract you while driving.
• Keep a safe and adequate distance between your vehicle and others.
• Ensure your vehicle is regularly maintained, paying close attention to the condition of tires and brakes.

For inquiries or assistance, you can reach the Pool at their headquarters or any of their branches:

• Head Office:

44 Abdel Moneim Riad Street, off Batal Ahmed Abdel Aziz Street, Mohandessin, Giza Governorate.

Phone: 02(33047949)

• Tanta Branch:

City Mall Tower, 7th Floor, 42 El Bahr Street, Tanta City, Gharbia Governorate.

Phone: 040(3335132 – 3335131)

• Minya Branch:

Majestic Tower, 4th Floor, El Gomhouria Street, in front of Minya Train Station, Minya Governorate.

Phone: 086(2325388 – 2325389)

• Ismailia Branch:

El Ashry Plaza Tower, Shebin El Kom Street, in front of Ismailia Courts Complex, Ismailia Governorate.

Phone: 064(3169137 – 3169634)

More information can be found on the Pool’s official website: www.ecip-egypt.org

 FRA Chairman Directs the Egyptian Compulsory Insurance Pool (ECIP) to Expediate EGP 100,000 Compensation for Each Victim in Monoufia Accident – Tuesday 1 July 2025

• Coverage under the Egyptian Compulsory Insurance Pool’s policy includes all fatalities and personal injuries caused by car accidents.

In a compassionate move to support families affected by the tragic Monoufia accident, Dr. Mohamed Farid,  FRA Chairman directed leaders of the Egyptian Compulsory Insurance Pool for Civil Liability Arising from Motor Vehicle Accidents to quickly travel and meet with the victims’ families and those injured.

This directive was promptly executed on Tuesday when Ibrahim Labib – CEO of the Egyptian Compulsory Insurance Pool, accompanied by several team members, met with the victims’ families in Monoufia Governorate. Their primary goal was to assist families in gathering the necessary documents for the swift disbursement of EGP 100,000 in compensation for each fatality, as mandated by the Unified Insurance Law issued by the President.

These proactive visits are a direct result of  FRA’s instructions to the Pool’s staff, emphasizing the urgent processing of requests from the families of the deceased and injured. The Pool is fully committed to provide comprehensive support, ensuring the required documentation is completed with ease and efficiency.

It’s important to note that the insurance policy issued by the Pool covers both fatalities and personal injuries resulting from car accidents. While EGP 100,000 is paid for each death, compensation for injuries is precisely determined by the percentage of disability, as assessed by a medical committee. FRA confirms that the Egyptian Compulsory Insurance Pool is the officially designated body for distributing these compensations under the new insurance law. This matter holds the highest priority for FRA, as it aligns with a modern insurance system designed to ensure fairness and provide prompt resolution.

Dr. Farid explicitly stated that his directives underscore the deep commitment to support the families of those who lost loved ones and those injured, standing firmly by them during this incredibly painful time. He extended his sincerest condolences to the victims’ families and offered heartfelt wishes for a rapid recovery to all who were injured.