Absorbing Capacity Of Fire Insurance Raised By EGP 30 Mln This Year: Arfin

Ahmed Arfin, managing director of the Egyptian Takaful Insurance Company (Property), said the last reinsurance agreements do not include additional conditions except for increasing the absorbing capacity of fire insurance sector by EGP 30 million, registering EGP 120 million for each risk this year, up from EGP 90 million last year.

Foreign reinsurance companies did not object these conditions, Arfin affirmed, noting that there were some changes in reinsurance commissions that did not affect the agreements.

Egyptian Takaful Insurance Company (Property) awaits approval from the Egyptian Financial Supervisory Authority over its new product which is to be offered to banks’ employees.

The Hannover Re reinsurance Co., the world’s third-largest reinsurer, is the main reinsurer that Egyptian Takaful Insurance Company (Property) deals with.

The Egyptian Takaful Insurance Company (Property)’s premiums posted EGP 70.4 million in the Q2 of FY 2011/2012, up from EGP 64 million for the same period in the last fiscal year, with an increase of 10%.