Egypt – Motor insurance prices up by 18% driven by USD
Tuesday, 03 08 2016, Category: Insurance and Reinsurance, Country: Egypt
Mr. Mostafa El-Sawy, member of the motor insurance committee of the Insurance Federation of Egypt expected motor insurance prices to increase by 18% given the appreciation of the US Dollar in the black market, which exceeded the threshold of EGP 9.5. Mr. El-Sawy said that there is a link between the import of car spare parts from abroad, which in turn increases the level of claims and causes large losses.
El-Sawy told “Al Dostor” newspaper that the committee will hold an emergency meeting during the current month in order to discuss the implications of this crisis and its impact on insurance coverage.
Source: Al Dostor Newspaper