GIG Insurance Says Paid Compensations Worth EGP150 mln in FY12/13

Tarek Gamal, general manager of benefits department at Arab Misr Insurance Group – GIG said that the volume of compensation paid to customers reached around EGP 150 million within the last fiscal year 2012-2013.

Gamal has explained to Amwal Al Ghad that the vehicles and automotive sectors won the largest share of this compensation, and the marine insurance has the lowest insurance sector.

Gamal added that the reserves of compensation under settlement reached EGP 78 million, asserting that the recent events contributed for increasing the compensations in some insurance branches, representing in the internal transport, supplementary car insurance sector and high rate of thefts.

Gamal has pointed out that the results of the insurance companies have been adversely affected due to the current unrest situation which made the size of compensation increased.

He added that his company estimated the size of the payable compensation of library Alexandria as a result of damage caused by EGP 170.000, explaining that this compensatory value dedicated to the cracking glass surfaces accident, which the library faced over the last month in conjunction with the demonstrations of pro-Morsi supporters.

It is worth mentioning that that GIG is targeting to achieve EGP 366 million premiums within 2013-2014.