Royal Insurance Paid Claims Of EGP 43 Mln In H1 Of FY 2012/13

Royal Insurance Company paid insurance claims of EGP 43 million in the first half of FY 2012/2013, said Tarek Gabr, head of insurance benefits department at the company.

Gabr stated to Amwal Al Ghad that the political stability and recovery of security will bring positive impact on economy in general and insurance sector in particular.

The increase in car theft rate in the last period has led to an increase in the value of benefits, and accordingly affected negatively insurance results, he added. The absence of stability has also affected the tourism income.

The pound’s decline against the dollar has posted negative impact on the insurance sector and reinsurance agreements, he added.