GIG – Insurance Brokers Raised Premiums For Insurers By 40% In 2012

GIG – Insurance Brokers has raised the value of premiums it assigned to insurance companies by 40% in 2012, said Talaat Abou Kalam, managing director of GIG.

Abou Kalam added that the company exceeded its target of 30%, noting that it targets to increase premiums by 35% in 2013. The company has injected EGP 1 million to its capital to reach EGP 2 million in the last period.

He pointed out that the Egyptian insurance sector will face many obstacles in the upcoming period amid concerns that a popular uprising may take place next Friday, calling on customers to ask for political violence insurance policy because the other insurance policies do not cover the risks of revolutions.

Abou Kalam, who is also the chairman of the Insurance Brokerage Development Society (Ebda’), stated that the Society and the Egyptian Financial Supervisory Authority (EFSA) currently study the possibility of allowing insurance brokerage companies to issue compulsory motor insurance policies.