Suez Canal: Marine Hull Insurance Premiums Hit EGP24mn in 3 Months

By Yomna Yasser On Feb 5, 2014

Hull Insurance for Ships – one of the key sectors in Suez Canal Insurance S.A.E. – announced on Wednesday premiums of 24 million Egyptian pounds during the second quarter of the fiscal year 2013/2014, Amwal Al Ghad’s Arabic website reported.

Ayman Nassef – Director of SCI’s Hull Insurance for Ships– told Amwal Al Ghad – that his sector wrote higher premiums in Q2-FY2013/14, up from EGP 23 million made for the same period a year earlier.

“The current situation in Egypt has driven SCI to reshape its studies on targeted premiums for Q3-FY2013/14.” He added

Moreover, Nassef stated that the ongoing situation in Egypt has reversely affected the wheel of production in several insurance sectors.

“Restoring stability and pushing production wheel forward can trigger insurance sector to make more expansions in the country.”