Suez Canal Insurance Receives 250 Claims For Stolen Cars Since Revolution

Suez Canal Insurance Company received 250 claims for stolen cars since last year’s revolution. Mohie EL Din Nassar, general manager of car compensations department, said the value of compensations paid for these cars reached EGP 10 million, with an average compensation value of EGP 40,000. The Company succeeded in recovering seven stolen cars since the revolution, Nassar added.

Averting an expected high loss in car insurance sector requires a political stability and a strong security situation to reduce the rate of stolen cars, Nassar assured.

The decision taken by the car insurance committee of increasing either the percentage of compensations which the customers incur to 25% or the charges by 50% was below expectations regarding reducing the companies’ losses in car insurance sector, Nassar indicated.

It is worth mentioning that Suez Canal Insurance Company received 9315 claims for stolen and damaged cars during the first nine months of FY 2011/2012.