Misr Insurance Renews Reinsurance Agreements For 2013

Misr Insurance Company succeeded in renewing reinsurance agreements for 2013, said Dr. Adel Moussa, chairman of the company.

The negotiations were concluded positively, but reinsurers imposed additional conditions and restrictions because of the economic and political unrests in Egypt, he added, noting that most reinsurers face tough financial crises.

Misr Insurance Company’s portfolio, market share and strong solvency position have greatly contributed to conducting negotiations smoothly, he revealed. The company launched an insurance product against risks of riots, disturbances and political violence.

It is worth noting that Misr Insurance Company acquire 54% market share of non-life insurance sector in Egypt.