Egypt: Nat CAT scheme may take effect by year-end
Source: Middle East Insurance Review | Sep 2015
The Insurance Federation of Egypt (IFE) is rallying insurance companies in the country to establish a natural disaster insurance scheme, which it hopes will be set up before the end of this year.
Mr Abd El-Raouf Kotb, IFE Chairman, has proposed that disaster insurance be offered separately from fire and engineering policies. The scheme would cover risks like earthquakes, reported the Sadda news website.
He said that every insurer in the market should participate in the scheme. The reason for the delay in establishing the scheme was due to difficulty in gathering information from insurance companies about natural disaster events, he added.
Egypt is susceptible to a number of Nat CATs, including drought, earthquakes, floods, landslides and sandstorms.