Egypt – Workshop on insurance and protecting competition
Thursday, 01 14 2016, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Competition Authority that combats monopolistic practices organized a workshop with the Insurance Federation of Egypt in order to introduce the new law protecting competition.
Mr. Abdul Raouf Kotb the president of the Egyptian Insurance Federation and the Assistant Secretary General of the Insurance Federation of Egypt Dr. Ashraf Ismail and a number of employees of insurance companies.
The Egyptian Competition Authority announced during September 2014 that 14 insurance companies that are members of the federation did not respect the law protecting competition. The Authority accused companies of agreeing to raise the comprehensive motor insurance prices and imposing a 25% deductible on the value of the vehicle when compensating theft of the car or increasing the premium by 50% in order to compensate fully the value of the car.
Source: Al Borsa News