Misr Insurance: Car Compensations Exceed EGP 1 Bln In FY 2011/12

Misr Insurance Company said car Insurance compensations registered more than EGP one billion in FY 2011/2012. Such large value came as a result of the political turmoil and security lax Egypt witnessed in this year, explained Ahmed Khattab, board member at Misr Insurance Company.

The Company said 1500 insured cars were stolen, the highest number the company ever reported, he added and hoped that the political stability and security return to the country in order to compensate such losses. The car insurance sector was the most affected insurance sector by the negative repercussions that followed last year’s revolution, he noted.

It is worth mentioning that Misr Insurance Company had EGP 660 million as supplemental car insurance premiums written in FY 2011/2012.