Egypt – Will insurers enter Bitcoin field?
Wednesday, 02 21 2018, Category: Technology, Country: Egypt
Discussions about the Bitcoin increased lately. Some would like to deal with it whereas others refuse. However, the Insurance Federation of Egypt has new insights on Bitcoin and its relation with insurance, confirming that it is difficult to use the Bitcoin in the insurance sector since Bitcoins are based on risking whereas insurance aims to decrease risk.
Moreover, the risks emanating from Bitcoins constitute a unique challenge for insurance underwriters according to the Insurance Federation of Egypt. The Bitcoin for example will not have a history of losses making it difficult for actuaries to evaluate losses in the future.
Furthermore, Dr. Adel Mounir the current FAIR Secretary General said that there is no relation between the Bitcoin and the insurance sector as 99% of transactions are in Egyptian Pound and only 1% in US dollars.