Fire Insurance Committee Determines Stock Insurance Regulations

The Fire Insurance Committee at the Insurance Federation of Egypt (IFE) plans to determine the regulations of the stock insurance policy in its meetings this week, said Walid Sayed, member of the Committee and deputy general manager of fire insurance sector at Arab Misr Insurance Group (AMIG).

The committee will add insurance coverage over the stocked as well as specify the insurance values in relation to the commercial activity of the stock, he added.

A bilateral committee comprised of the Reinsurance Committee and the Fire Insurance Committee met to reconcile the conditions of this policy with the reinsurance agreements. The committee recommended that the Fire Insurance Committee shall determine the regulations of this policy to meet the requirements of the Egyptian market.

Insuring bodies in UN-sanctioned countries such as Iran and Syria will also be studied as foreign reinsurers declared that they will not compensate these bodies, Sayed noted.