Egypt – Expanding customer base compensates reinsurers exit
Saturday, 11 21 2015, Category: Insurance and Reinsurance, Country: Egypt
The insurance broker Mr. Hamdi Abdel Mawla insurance said that the only solution to avert the crisis brought about by the exit of reinsurance companies from the Egyptian market is the collaboration between the insurance industry players in order to increase the number of customers which can help in dealing with the decreasing insurance prices which is also worsening the crisis.
Mr. Abdel Mawla said in a special statement to “Youm 7” that the strongest solution to deal with the low insurance prices which affect the relations with foreign reinsurers when reinsurance treaties are renewed lies in the full collaboration of all parties in boosting insurance portfolios and the number of insured. This cannot be achieved by competing on the same customer but can be promoted instead by creating new market sin light of the entry of numerous insurers and brokers in the past 20 years. However, most of them are just numbers in the registry of the insurance regulator.
Source: Youm 7