Kaf, formerly Tokyo Marine Family Takaful, has received a commercial life insurance license from the Financial Regulatory Authority (FRA), becoming the first insurance company in Egyptian history to transition from a takaful insurer to a commercial insurer
Cairo – The Egyptian Financial Regulator (FRA) has granted Kaf Insurance a commercial life insurance license. With the guidance and support of FRA, Kaf is the first Egyptian insurance provider to switch from takaful insurance to commercial insurance. Through the collaboration between FRA and Kaf Insurance, the transformation enables the creation of simple and value-added insurance solutions that pave the way for financial inclusion. In conjunction with the national economic agenda, Kaf aims to support the economic development of all Egyptians by protecting those most financially vulnerable. As a commercial life insurer, Kaf is expanding insurance accessibility and adoption through its innovative and localized solutions.
Since being acquired by EFG Hermes Holding and GB Capital in 2020, Kaf Insurance has experienced explosive growth due to its commitment to making it easy and right. Kaf Insurance is experiencing unprecedented growth and has grown rapidly with over 100% year-on-year growth, making it Egypt’s fastest growing life insurance company. Today Kaf covers over 2 million lives. While the company has focused on employers, small business owners and the micro segment, Kaf is expanding its portfolio and reaching new segments with new product offerings as it plans to launch a range of personal insurance solutions. The new products will ensure individuals have peace of mind and ease in their customer journey as they focus on simplicity, affordability and flexibility.
In February 2023, FRA approved the appointment of Dr. George Ghobrial approved as new Chief Executive Officer and Managing Director of Kaf Insurance. With almost 20 years of professional experience and a unique insurance expertise working with multinational companies in Egypt and Europe, Dr. Ghobrial has a proven track record of operational improvement, innovative product development and the ability to drive enterprise-wide change. His solid academic underwriting foundation, solid business acumen and solid technical experience come at a pivotal time in the company’s history.
dr Commenting on Kaf’s future after the conversion, Ghobrial said: “We are very excited to embark on our next growth chapter. This unprecedented transformation into a conventional life insurer is a strong vote of confidence from FRA, allowing us to expand the range of our products and services we offer to the public. Our commitment to operational excellence is the foundation of our new product mix and customer-centric service approach.” He also stressed the importance of insurance in the current macroeconomic environment. “With the support of FRA, we are taking a step forward to promote insurance as a social good and as an essential tool for financial security, in line with our shared mission to modernize the Egyptian insurance industry. With the upcoming launch of our new retail product offering, Kaf Insurance will play an active role in expanding access to insurance nationally,” said Dr. Ghobrial
With a deep understanding of customer needs and existing gaps in market offerings, Kaf builds a cohesive user experience powered by technology. Kaf customers can purchase insurance solutions for individuals through their online platform and app. Kaf Insurance believes technology enables localized and personalized solutions, a seamless customer journey, and rapid underwriting and claims processing.
“We trust that by offering our unique services, we are empowering our clients to take control of their financial security. Through disruptive products, digital distribution and a simple approach to policy documentation, Kaf Insurance is focused on effectively solving customers’ pain points,” added Dr. Ghobrial added. “We are investing heavily in our technology to create a seamless customer experience. By understanding that technology and digital adoption are catalysts for widespread lifestyle improvement, Kaf is setting a precedent in the Egyptian insurance industry.”
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About coffee
Kaf is an Egyptian insurance company licensed to offer life, savings and health insurance products, established in 2020 as a joint venture between EFG Hermes Holding, GB Capital and Tokio Marine. Kaf is dedicated to building a technology-enabled insurance platform that delivers meaningful value to individuals and businesses across the life, savings and health segments of society with low insurance penetration. The company strives to constantly provide innovative insurance solutions to stimulate demand in the personal and corporate markets and to close the “insurance gap” in Egypt.
