Egypt – Blacklist for high loss insurance customers
Monday, 02 01 2016, Category: Insurance and Reinsurance, Country: Egypt
Mr. Mostafa El-Sawy, member of the motor insurance committee of the Insurance Federation of Egypt revealed that there is currently a feasibility study to launch a blacklist for high loss insurance companies in order to decrease the motor insurance claim costs as has been the case in the USA and other countries.
He added that in light of the competition companies are trying to decrease the motor insurance premium below the market level, which in turn causes a loss to the company. Therefore, a blacklist was envisioned for high loss customers, which contribute to the losses.
Source: Auto Ahram