Misr Insurance: Car Insurance Issuance Drops 20% This Fiscal Year
Car insurance sector at Misr Insurance Company has reported a 20% retreat in the rate of insurance policy issuance in FY 2011/2012 because of the increase in stolen car claims in this period, said Ahmed Aboul Enein, head of car insurance committee at Insurance Federation of Egypt and head of car insurance sector at Misr Insurance Company.
Misr Insurance Company reported 1850 stolen cars with compensations of more than EGP 130 million since last year’s revolution, Aboul Enein added.
The rate of insurance policy issuance declined as many customers had dissociated from businesses in Egypt due to the political turmoil and economic deterioration, he explained.
Misr Insurance Company said earlier the number of stolen cars claims increased to 98 in May, including 12 white taxis.
