Misr Insurance Mulls EGP200mn Compensations for Flood-stricken Hotels

Misr Insurance Holding Company is considering paying compensations of flood- stricken hotels in Taba with EGP200 million amounts, chairman Adel Moussa said on Monday.

In a statements to Amwal Al Ghad, Moussa explained that the insurance sector did not witness many catastrophic accidents within the ongoing fiscal year of 2013/2014.

Moussa expected that the company will obtain its credit rating by September 2014 stressing the importance of reinsurance.

Misr Insurance plans expanding geographically in one of Arab countries by the upcoming fiscal year of 2014/2015 in addition expanding in micro insurance, Moussa added.