Egypt: Insurers want more compulsory lines adopted

Source: Middle East Insurance Review | Jul 2017

Egypt has a very small number of compulsory insurance classes, a situation which is deemed unacceptable by the Chairman of the Insurance Federation of Egypt, Mr Abd El-Raouf Kotb.

He said that the country has only four kinds of compulsory insurance, while in many other Arab countries, the number ranges from 10 to 50, reported the Arabic-language business news portal, Aliqtisadi. The current compulsory lines in Egypt include motor third party liability insurance and public liability insurance.

The Federation had submitted proposals for new compulsory lines to the Egyptian Financial Supervisory Authority in order for the authorities to adopt them but these efforts have been in vain, Mr Kotb said.

He added that among the most important compulsory insurance lines needed in Egypt are residential property, medical liability, professional indemnity, microinsurance and protection insurance for Egyptians working in other Arab countries. M

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