IFE To Offer Watermarked Insurance Policies For Combating Fraud

The Arab Misr Insurance Group’s (AMIG) investigation sector succeeded in preventing fraud of insurance policies, said Alaa El-Zoheiry, managing director at AMIG.

A number of forged compulsory car insurance policies were circulated in Egypt in the last period, but AMIG has succeeded in combating the fraud, he affirmed. The compulsory car insurance claims were down from about 130 cases monthly to nearly 25 cases monthly, said El-Zoheiry. An anti-fraud authority, which was suggested to combat fraud, was not established for many reasons, he added.

A committee presided by Ali Al-Ashry was formed by the Insurance Federation of Egypt (IFE) to set the form of a watermarked insurance policy. In addition, a tender is slated to be held for printing houses of sovereign bodies in order to ensure that insurance policies will not be forged.