Egypt – 187% losses as a result of increasing fires
Saturday, 09 10 2016, Category: Insurance and Reinsurance, Country: Egypt
The chairman of the Insurance Federation of Egypt (IFE), Mr. Abdel Raouf Kotb confirmed that that there is a significant increase in fire losses borne by insurance companies. The huge losses are estimated at 187% for the year. Therefore, international companies have threatened to withdraw from the Egyptian market in light of this situation.
Mr. Kotb told in press releases “it is inevitable to reinsure the risk and redistribute it locally instead of reverting to international reinsurers in order to secure hard “USD” currency after the fire of the Alroiei area in Elataba.
Source: Veto Gate