Egypt – Automating compulsory insurance policies
Monday, 06 27 2016, Category: Insurance and Reinsurance, Country: Egypt
The vice-chairman of an Egyptian technical company Mr. Jamal Shaibah confirmed that his company plans to provide its services to insurance companies underwriting compulsory third party motor insurance at all the Traffic Units in the republic that reached 200 before the end of the year.
He added that it will start of the governorates of Cairo and Giza that have around 40 units, indicating that the idea of establishing the company followed the increasing difficulties facing compulsory motor insurance such as insurance contract counterfeiting. For example insurance contracts are printed and sold to some employees responsible about compulsory insurance where those employees retain the premiums for their own account instead of transferring them to insurance companies. This what the company tries to fight by printing the contracts at its own printing machines and embedding water markets in order to eliminate counterfeiting altogether.
Source: Al Mal News