Egypt – Insurance Federation seeks USD availability
Monday, 08 22 2016, Category: Insurance and Reinsurance, Country: Egypt
Mr. Abdul Rauf Kotb the President of the Insurance Federation of Egypt said that the Federation asked the Central Bank to set up a mechanism to provide USD currency availability as the sector provides protection to the national wealth of society.
Mr. Kotb told “Al Borsa” at the margins of a training workshop for technical students lately that the non-settlement of amounts that insurers owe to reinsurers is a threat in case a catastrophic risk takes place and Egyptian cedants would not be indemnified by reinsurers in such a situation.
He added that the USD amounts provided to insurance companies do not allow them to honor liabilities toward reinsurers despite continuous communications with the Egyptian Financial Supervisory Authority, the Central Bank and commercial banks describing this issue as fundamental.
Source: Al Borsa