Wethaq Takaful In Talks With Reinsurers To Renew Contracts

Wethaq Takaful Insurance Company is conducting negotiations with foreign reinsurers to renew reinsurance agreements for next year, said Abdel Latif Salam, managing director of the company.

The company awaits their reply to conclude negotiations over the reinsurance agreements, he added.

He affirmed that the current political unrest will definitely affect the agreements with reinsurers who mainly target to increase their investments. Therefore, he expected reinsurers to increase conditions on insurance companies.

Salam also expected that the demand for insurance coverage against riots, civil disturbances and political violence will highly increase in the upcoming period.