Egypt – Prices of motor spare parts up by 70%
Monday, 07 24 2017, Category: Insurance and Reinsurance, Country: Egypt
Insurance companies are monitoring the increased demand for motor insurance and the entry of new clients. Clients are actually keen on insuring their vehicles following the increase in the value of cars triggered by the liberalization of the exchange rate. A new category of customers joined with a 45% increase compared to the traditional category related to car loans and personal loans.
Moreover, Mr. Alaa El Zoheiry, Managing Director at Arab Misr Insurance Group (AMIG) said in special statements to “Al Ahram” that despite the price increases of motor spare parts by 50% to 70%, insurance companies did not raise prices by the same percentage. The reason behind this is that that premiums increased in parallel with the increase value of vehicles in order for indemnification to be fair noting that premiums differ from one company to another.