Suez Canal Life Pays Motor Sector EGP15.5mn Compensations within 3 Months

Suez Canal Life Insurance Company said EGP15.522 million compensation paid for the motor insurance sector within the first quarter of the current fiscal year of 2013/2014, Mohy El-Din Nasser the General Manager of Compensation stated.

Nasser informed Amwal Al Ghad in an exclusive that this is the compensatory value that dedicated to the 1983 accidents, explaining that the total numbers of incidents which are under settlement reached 4077 incidents valued at EGP50.789 million.

He pointed out that the political and security turmoil boosted the theft of cars which pushed the Insurance Federation of Egypt to issue decree, the customer bears 25% from the total compensation value or increasing 50% premiums, explaining that the decree applied to reduce the company’s losses.