Egypt – Fire committee examines impact of EGP devaluation
Wednesday, 11 16 2016, Category: Insurance and Reinsurance, Country: Egypt
Mr. Waleed Mustafa, an insurance expert and vice-president of the General Fire Insurance Committee of the Insurance Federation of Egypt, said that the committee aims at studying the repercussions of the depreciation of the Egyptian Pound against the US Dollar on the fire insurance market in particular and the insurance market in general during its meeting today.
He also indicated in his statements made to “Amwal Al Ghad” that the president of the federation assigned to both the president and vice-president of the fire committee, the engineering committee and the reinsurance committee the establishment of a joint committee charged with the creation of a natural risk pool in order to limit the losses of companies as was repeatedly the case during the past year. He indicated that the loss ratio caused by natural risks during the period 2011 to 2014 increased to 400% according to a study completed by the Insurance Federation of Egypt.
Source: Amwal Al Ghad