Cairo 2 June 2024:
Mal Bazaar, a leading Egypt-focused insurtech growing into a one-stop-shop for e-insurance products, has announced its enhanced market position after acquiring a licensed insurance brokerage and securing approvals from the Egyptian Financial Regulatory Authority (FRA). This significant regulatory milestone marks a major step towards growing into a comprehensive insurance service mediator to better serve their wide base of clientele.
As an emerging player in the fastest growing insurance market in Africa, which is projected to reach a market volume of $4 billion in 2030 according to BMI Fitch Report, Mal Bazaar serves more than 60,000 employees within cross-sectoral clients, including FMCGs, pharmaceuticals, and startups. The platform is renowned for its seamless and tech-enabled comprehensive range of insurance products, ranging from medical and motor insurance to property and inland cargo coverage.
Commenting on the regulatory milestone and new product, Abbas Jammal, Founder and CEO of Mal Bazaar, who boasts over 20 years of experience in the insurance and retail industries 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.”
Leveraging seamless technology, Mal Bazaar’s insurance portfolio includes property insurance, covering assets worth over EGP 20 billion, medical insurance covering more than 10,000 members, motor fleet insurance with a cumulative value exceeding EGP 700 million, life insurance covers valued at EGP 1.5+ billion, and inland cargo insurance covering goods worth more than EGP 11 billion.
Mal Bazaar’s commitment to excellence is reflected in its remarkable growth, as they recently launched their “My Policy” management platform, stripping the need of manual work through enabling clients to fully digitize operations tied to tracking utilization, usage and more. Further empowering real-time data visibility and decision making on their policy front.
Continuing their journey of continuous innovation, Mal Bazaar is now testing their B2B2C insurance platform with select clients, aiming to enhance service offerings and elevate the overall customer experience. Through this platform, employees will have access to a wide range of financial products, further strengthening Mal Bazaar’s commitment to providing holistic solutions.
With a robust tech-enabled platform, customer-centric offerings, and the backing of renowned investors like DisrupTech Ventures and Sunny Side Venture Partners,, Mal Bazaar is poised to lead the digital transformation of insurance and finance product distribution in the Egyptian and Middle East Africa market.
