Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) announced the launch of a new initiative to give insurance policyholders an additional grace period to pay premiums.

A total of 5 million insurance policyholders will benefit from the decision, FRA’s chairman Mohamed Oman said in a statement on Thursday.

This move is part of the government’s efforts to mitigate the negative implications of the outbreak of the novel coronavirus (COVID-19).

Life insurance policyholders will be given an additional 60-day grace period and those failing to pay on the due date and their insurance policies are cancelled between 1 June 2020 and 30 June 2020 will be able to revalidate their policies before 31 December 2020 without any additional charges or late fees, he added.

In addition, medical and auto insurance policyholders will receive a 30-day grace period and their policies will be revalidated if cancelled without any additional charges.

Moreover, corporates holding group life and property insurance policies will be granted an additional 30-day grace period.