Arab Orient Takaful In Talks With Reinsurers
The Arab Orient Takaful Insurance Company asked foreign reinsurers to renew the reinsurance agreements in 2013, said Mohamed Abdel Gawad, managing director of the company.
The company asked the main reinsurer to set the conditions of the reinsurance agreements with the rest of reinsurers, he added.
The current political turmoil negatively affects the insurance sector in general and the reinsurance agreements in particular. He expected the prices of insurance coverage against riots, unrests and political violence to rise.
The conditions of the reinsurance agreements are directly affected by the current events; therefore, there will be additional conditions on Egyptian insurance companies, he affirmed.
The Arab Orient Takaful Insurance Company deals with France’s SCOR Reinsurance Company and other international reinsurance companies.
