Egypt – Necessity of compulsory ins. on housing units
Thursday, 09 13 2018, Category: Insurance and Reinsurance, Country: Egypt
Insurance experts confirmed the necessity of new legislations adopting the compulsory insurance of housing units in order to cover theft, fire and default of payment. This is the practice followed internationally in order to decrease losses. It will also tackle the non-delivery of housing units at the scheduled dates given the fraud in the real estate sector.
Moreover, the insurance expert Mohamad Al Moghrabi said that the insurance of housing units is voluntary and there are proposals to make it compulsory in order to protect homes. However, it was not adopted unit now. He noted that such an insurance on buildings and villas in compulsory in advanced countries.