IFE finishes the translation of political violence insurance policy

By Islam Abdel Hameed

Amwal Al Ghad

The coordinative committee, consisting of accident and fire insurance committees, of the Insurance Federation of Egypt (IFE) reviewed the political violence insurance policy, translated from that of Lloyd’s company in Britain.

Aly Bashendy, vice director of the general committee of accident insurance in IFE, said that the final form of the document is being prepared, to be submitted to the executive council for properties and responsibilities for approval, to be presented in the Egyptian market, noting that the committee did the form of the insurance policy to be compatible with the local market.

Sources informed Amwal Al Ghad that the new form is slated to include a condition on cancelling the policy, including keeping at least 50% of the total value of the insurance by the policyholders who return the insurance policy.

The general committee of fire insurance allocated part of the last week’s seminar in tackling political violence insurance policy, to be discussed in the accident insurance committee in the seminar scheduled on next Monday.