Egypt – January 2011 claims, achievement of Federation
Tuesday, 05 23 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Abdul Rauf Kotb, the Chairman of the Insurance Federation of Egypt said the role of federation in helping settle the claims of the riots and disturbances that followed the twenty-fifth of January 2011 is the most important achievement of the Federation since its foundation in year 1977.
Mr. Kotb added in statements made to the TV that reinsurance treaties stipulated not to cover political violence represented by riots and civil disturbances and other related events.
He said “after the turmoil, Egypt witnessed riots and disturbances, which led companies and enterprises to incur large losses”.
Moreover, Mr. Kotb mentioned that the Federation was successful in managing the crisis and protecting the rights of policyholders. A committee was established at the federation in order to convince reinsurance companies to settle approximately EGP 1.2 billion. It was settled to policyholders who had riots and distubrances cover.
Source: Al Borsa