Egypt – Floods encourage creation of natural risks pool
Tuesday, 11 29 2016, Category: Insurance and Reinsurance, Country: Egypt
The creation of a natural risks insurance pool became an urgent necessity in order to face the losses affecting a number of governorates due to floods, which affected the country in the past years.
Moreover, the Insurance Federation of Egypt prepared a study on natural risks in Egypt according to the geographic subdivisions and the preliminary losses in the city of Alexandria due to floods last year were estimated at around half a billion EGP.
The statistical reports prepared by the Fire Insurance Committee of the Insurance Federation of Egypt said that that total number of contracts covering natural risks reached approximately 23 thousand contracts generating total premiums of EGP 50 million, whereas claims are estimated at EGP 200 million. Therefore, the total loss ratio is 403%.
Source: Al Borsa News