Egypt – Negative effects of USD appreciation on insurance
Thursday, 05 19 2016, Category: Insurance and Reinsurance, Country: Egypt
The motor insurance expert and previous manager of claims at Delta insurance Mr. Ahmad Abu AlAinain said that the dollar appreciation has a large impact on the imports of spare parts needed in order to compensate insured cars and which insurance companies committed to repair.
He added that paid claims will increase clearly during the fourth quarter and by the end of the financial year due to the prices increases of vehicle spare parts which are borne by the companies.
“Abu AlAinain” clarified that plans are needed in order to face the EGP depreciation against USD and the subsequent consequences.
Source: Veto Gate