Arab Misr Insurance Group (AMIG) awaits the Egyptian Financial Supervisory Authority’s (EFSA) approval to add coverage against political risks to the exports insurance policy, said Ali Bashendy, head of technical affairs and reinsurance sector at AMIG.
The original policy has coverage against local credit risks, in addition to external credit risks. AMIG is the only insurance company issuing this kind of policy, besides the Export Credit Guarantee Company of Egypt.
Bashendy revealed that additional cost will be added upon the customer’s approval to add insurance coverage against political risks to the insurance policy.
The company has given details about reinsurance of the policy after EFSA’s request, he added.
It is worth mentioning that AMIG has recently received EFSA’s approval on the exports credit guarantee and commercial credit insurance policy to be the sole company insuring exports in Egypt.