EFSA Approves Wethaq’s Amendments To Fire Insurance Policy

Wethaq Insurance Co. has received the Egyptian Financial Supervisory Authority’s approval on the amendments the Company made on the fire insurance policy in all insurance sectors except in the marine insurance sector. Such reforms were made in order to comply with the unified conditions set by the Insurance Federation of Egypt.

Mohamed Abdel Mawla, assistant director of technical department at Wethaq Insurance, said the Company replied to EFSA’s inquires about the reforms, affirming that EFSA did not object to these reforms.

The amendments state that the company is not obliged to inform the insured with the end- date of insurance policy, therefore the Company will not cover the insured after that date.

The amendments also state the possibility of extending coverage against additional risks through paying an additional premium that is explicitly expressed in the policy. The additional coverage extends to risks of pressured devices explosion.

There are also other amendments expected to be sent to EFSA in the upcoming period, Abdel Mawla added.

It is worth mentioning that Wethaq Insurance Company’s net profit registered EGP 5.16 million at the end of Q3 of FY 2011/2012.