GIG Insurance Pays EGP39.2mln Compensations Within 3 Months

Tarek Gamal, general manager of benefits department at Arab Misr Insurance Group GIG, said the total paid compensations for the customers of GIG within the first quarter of 2013-2014 reached around EGP 39.258 million.

Gamal has informed Amwal Al Ghad that the fire insurance sector ranked first with EGP 18.4 million explaining that the total compensations of supplementary car insurance sector reached about EGP 14.8 million.

Gamal added that the compensations of Compulsory car insurance are EGP 1.7 million at the end of the last of September, whereas the total compensations of Engineering insurance sector up EGP 1.5 million.

He has pointed out that the compensations of Oil branch reached around EGP 1.7 million during the first quarter of the current fiscal year of 2013-2014, against EGP 644K compensations of marine insurance.

While the total compensations of various accident insurance branch are around EGP514K, explaining that the unrest political situation has contributed in increasing the paid compensations from GIG to the customers, asserting the high rates of car theft led to an increase in the size of the insurance compensation in this section.