MedNet Egypt plans to raise its paid-up cap­i­tal to EGP 40m

The Daily News Egypt - - NEWS - By Mo­hamed Az­zab

Ger­many in­sur­ance com­pany Mu­nich Re aims to raise the cap­i­tal of MedNet Egypt to EGP 40-45m.

MedNet Man­ag­ing Direc­tor Ahmed Noah said that the com­pany is work­ing as Mu­nich Re’s arm in man­ag­ing med­i­cal port­fo­lios for com­pa­nies and cor­po­ra­tions, along with re­ar­rang­ing there in­sur­ance agree­ments for med­i­cal in­sur­ance at Mu­nich Re.

MedNet was founded in May 2015 and be­gan oper­at­ing in Au­gust of the same year, driven by a cap­i­tal of EGP 3.5m, as a com­pany spe­cialised in the man­age­ment of med­i­cal ac­tiv­ity.

Noah added that MedNet is the new­est com­pany within the MedNet Group of Mu­nich Re, which is found in 12 coun­tries around the world,in­clud­ing the Ara­bian Gulf states, Cyprus, Greece, and Ro­ma­nia.

He pointed out that MedNet Egypt cur­rently runs med­i­cal con­tracts for 12 en­ti­ties and cor­po­ra­tions, in­clud­ing four in­sur­ance com­pa­nies.

The list of in­sur­ance com­pa­nies con­tracted by MedNet in­cludes Ori­ent Taka­ful In­sur­ance Egypt, Misr Life In­sur­ance, Mo­han­des In­sur­ance, and Chubb Life In­sur­ance.The com­pany is also now ne­go­ti­at­ing with two more in­sur­ance com­pa­nies to run their med­i­cal port­fo­lio, which is ex­pected to be com­pleted within three months.

The re­ten­tion rates of com­pa­nies that con­tract with MedNet range be­tween 40% and 80%, based on the pol­icy of un­der­writ­ing for each com­pany, with the re­main­ing re­turned to Mu­nich Re in ac­cor­dance with a sys­tem of quo­tas.

Ac­cord­ing to Noah,pre­mi­ums ran by MedNet for the com­pa­nies con­tracted with it amount to EGP 250m,while ben­e­fi­cia­ries reach 120,000.

He noted that MedNet con­tracted with 2,800 med­i­cal ser­vice providers across the repub­lic, next to 20,000 bod­ies out­side Egypt.

Noah said that Mu­nich Re will of­fer a pack­age of in­di­vid­ual med­i­cal in­sur­ance and small and medium com­pa­nies’ med­i­cal in­sur­ance in Egypt and abroad through in­sur­ance com­pa­nies.

Cov­er­age lim­its for new pro­grammes range from EGP 25,000 and EGP 750,000, while of­fer­ing com­pet­i­tive prices.

Ac­cord­ing to Noah, the com­pany has a spe­cial unit to de­tect fraud or mis­use by some cus­tomers to con­trol the bill of com­pen­sa­tion in or­der to pro­tect the rights of the con­tract­ing par­ties.

In a re­lated con­text, he noted that Mu­nich Re aims to ex­pand the MedNet net­work in EastAsia andAfrica,based on fea­si­bil­ity stud­ies.

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