Egypt – 99% of government assets uninsured
Wednesday, 05 31 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Adel Moussa the chairman of Misr Insurance Company said that number of insured government authorities and ministries is almost zero. He said that he tries to convince the government authorities to insure their buildings in order to compensate natural and other catastrophes.
Moreover, Mr. Moussa indicated that the government does not consider getting insurance cover as they think that is natural for the state to finance the reconstruction of buildings after the catastrophes that happen. However, when the insured building of the ministry of finance was hit by a fire, it obtained an appropriate compensation.
He clarified that “Misr Insurance did not lose any amount as the claim was reinsured at a foreign reinsurer”.
Mr. Moussa added in statements to “Al Bawaba” news that the percentage of insured government authorities and ministries did not exceed 1% since we do not have an insurance culture and we are not aware about insurance and its role especially how it can protect historical buildings such as “Kasr Al Abideen”.
Source: Al Bawaba News