Misr Insurance Hits EGP 653 mln Premiums Of Motor Sector Within FY12/13

Mohamed Taha, Manager of Motor Insurance sector at Misr Insurance Co, has asserted that his company recorded EGP 653 million premiums in the motor sector within the fiscal year of 2012-2013, compared to EGP 666 million in 2012, with 1.9% decline.

Taha has explained in an exclusive to Amwal Al Ghad that motor sector achieved certain losses over the last three years due to reducing of these rates gradually as it up around 20% during FY 2010-2011, compared to 12% of FY 2011-2012.

Taha added that the motor sector reached EGP 758 million during FY 2010-2011, due to declining of the economic growth and the halting of the white taxi project.

Taha has emphasized that the fiscal year which ended in 2012-2013 witnessed a great progress and increase of the growth rates due to the relative stability as result of the legislative, executive parties, and thus all the institutions, noting that the events which witnessed by the country as the Egyptians rejected the policies of the former president, Mohamed Morsi and his government.

It is worth mentioning that Misr Insurance is aiming to achieve EGP 4.002 billion premiums through the new estimated budget of the current fiscal year 2013-2014.