Misr Insurance: Claims For Stolen Cars Rose To 98 In May

Misr Insurance Company said the number of stolen cars claims increased to 98 in May, up from 79 in April.

Ahmed Aboul Enein, head of vehicles sector at the Company, said 12 white taxis were stolen in May, adding that Misr Insurance received 1798 claims for stolen cars; of which 612 claims for stolen white taxis since the eruption of last year’s revolution.

The value of compensations paid by the Company for stolen cars was about EGP 7-8 billion in May.

As Egypt is witnessing political unrest and security lax since the revolution, the rate of stolen cars has been increased, Aboul Enein claimed.

Accordingly, car insurance sector is expected to post low results in the local insurance market, he said.

If the unrest continues till the end of 2012, customers may incur an increased percentage of compensations of about 25% to meet the losses, said Aboul Enein, who is also head of car insurance committee at Insurance Federation of Egypt (IFE). Car Insurance Committee will hold a meeting next week to approve the final reforms on the supplemental insurance policy, he added.

It is worth mentioning that IFE approved the Committee’s recommendation of increasing the values of car insurance policies by 50% or the percentage of compensations customers incur to 25% for the insured stolen cars  since last January to lessen the value of losses incurred by insurance companies.