Mal Bazaar, a prominent Egyptian insurance technology (InsurTech) company, today announced a major expansion of its services following regulatory approval for the acquisition of a licensed insurance brokerage. The move is set to solidify Mal Bazaar’s position in the rapidly growing Egyptian insurance market, projected to reach $4 billion by 2030 according to a BMI Fitch report.
The company also unveiled its “My Policy” platform, a comprehensive, technology-driven solution offering a range of insurance products, from medical and motor to property coverage. Currently serving over 60,000 employees across sectors including FMCG, pharmaceuticals, and startups, Mal Bazaar is leveraging technology to streamline insurance management for both individuals and businesses.
“We are incredibly proud of this achievement,” said Abbas Jamal, Founder and CEO of Mal Bazaar. “This acquisition deepens our commitment to the Egyptian market and enables us to offer even stronger, more comprehensive solutions to our customers.” Jamal, a veteran with over two decades of experience in insurance and retail, sees this as a major step towards transforming the insurance landscape through digital innovation.
The “My Policy” platform, known for its user-friendly interface and seamless experience, is another testament to Mal Bazaar’s commitment to technological advancement. It allows users to easily manage their insurance policies, underscoring the company’s mission to revolutionize the insurance sector through digital transformation.
Founded in 2019, Mal Bazaar’s impressive portfolio further demonstrates its growing influence in the market. The company currently manages property insurance assets worth over EGP 20 billion ($423 million), medical insurance for over 10,000 members, motor fleet insurance valued at over EGP 700 million ($14.8 million), life insurance covers worth EGP 1.5 billion, and domestic shipping covers valued at over EGP 11 billion ($232.8 million).
In a move to further enhance its service offerings, Mal Bazaar is currently piloting a B2B2C insurance platform with select clients. This platform will provide employees with access to a diverse range of financial products, reinforcing the company’s dedication to offering holistic solutions.
Backed by leading investors such as DisrupTech Ventures and Sunny Side Venture Partners, Mal Bazaar is poised to become a driving force in the digital transformation of insurance distribution and financing in Egypt and the wider Middle East region.