Egyptian Insurtech Mal Bazaar Acquires Licensed Insurance Brokerage

Egyptian insurtech startup Mal Bazaar has acquired a licensed insurance brokerage from the Egyptian Financial Regulatory Authority (FRA), marking a significant step for the company as they continue to scale up their comprehensive tech-enhanced insurance offerings. Ranging from medical to motor insurance to property and inland cargo coverage, Mal Bazaar’s acquisition of a licensed insurance brokerage is evidence of the startup’s high level of compliance.

With its new brokerage status, Mal Bazaar has recently launched a new online account management platform for its clients. “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,” Abbas Jammal, Founder and CEO of Mal Bazaar, tells StartupScene. “This marks yet another step forward towards disrupting the insurance space through digital transformation.”

As of now, Mal Bazaar’s insurance portfolio includes property insurance covering assets worth over LE 20 billion, medical insurance covering more than 10,000 people, and life insurance cover valued at over LE 1.5 billion, amongst other policies. The latest certification from the FRA will enable further integration with the Egyptian, Middle Eastern and African insurance markets.