Arab Misr Insurance GIG Allocates EGP100m Reserve Under Settlement for 8 Clients

Tarek Gamal, general manager of benefits department at Arab Misr Insurance Group – GIG said his company allocated EGP100 million reserve under compensation for 8 clients.

Tarek has quoted Amwal Al Ghad that the settlement includes  Kharafi Group, Petroject, Tiba 2000 Security and Cash Services, Trust For Engineering Industries – Trust co., Sadeem Holding Co, Nile Festival Steamer, along with two firms operating in tourism sector.

He added that these compensations are various between fire risks, personal accidents, pointing to the company’s waiting for the measures in order to determine the costs of repair.

Moreover, he emphasized that GIG allocated EGP6 million reserves under compensation to cover the civil liability towards the balloon that burst in Luxor in February 2013, asserting that the company awaits the prosecution to begin paying compensation.