Egypt – Insurance Federation seeks to limit marine losses
Saturday, 01 02 2016, Category: Insurance and Reinsurance, Country: Egypt
The Insurance Federation of Egypt through its marine cargo insurance committee discussed the marine insurance losses and the methods to limit them in the marine cargo insurance related to containers’ merchandises.
Mr. Mohamad Hasan member of the loss prevention committee in “IUMI” the International Union of Marine Insurers said that the number of containers increased internationally from 12 million containers in year 1983 to 58 million containers in year 2005 and then increased to 134 million containers in year 2011 and it the number is expected to reach 180 million containers in year 2018.
Mr. Hasan added that despite the technological advances in the production of containers, it did not prevent the losses and accidents in this field. Therefore, insurance companies have faced huge losses such as the fires on ships, or drowning of ship or even accidents in the trains.
Source: Al Mal News