Egypt has least number of compulsory lines
Thursday, 05 18 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Abdel-Raouf Kotb, chairman of the Insurance Federation of Egypt said that “the presence of only 4 compulsory insurance lines in Egypt is unacceptable; Egypt has the smallest number of compulsory insurance lines worldwide noting that many Arab countries have between 10 to 50 compulsory insurance contracts covering many aspects of life”.
The chairman of the Insurance Federation of Egypt added in statements made to “Veto Gate” that he prepared legal proposals for new compulsory lines and he submitted them to the Egyptian Financial Supervisory Authority in order for the government to adopt them but these efforts have not been successful.
Finally, he indicated that the most important suggested compulsory insurance programs needed by the Egyptian insurance market are the insurance of properties (housing units), insurance of the liability of medical, engineering, accounting and consulting professions and the insurance of workers working in Arab countries as well as microinsurance.
Source: Veto Gate