Suez Insurance’s Car Compensations Hit EGP86.6 Mln In FY 2011/12

Suez Canal Insurance Company’s paid car compensations reached EGP 86.6 million in FY 2011/2012 excluding revenues and expenditures, said Moustafa El-Shahat, official at the car insurance sector at the Company.

There are also compensations under settlement, but some of which was disbursed during the elapsed period since the start of FY 2012/2013, El-Shahat added.

The turmoil Egypt was witnessing posted a direct and negative impact on car insurance sector in Egypt, El-Shahat noted.

It is worth mentioning that the value of Suez Canal Insurance Company’s car compensations paid in FY 2010/2011 reached EGP 75.2 million.