Egypt: Vehicle owners urged to match insured sum with actual vehicle value

Source: Middle East Insurance Review | Jun 2023

Some motor insurance companies have appealed to their customers to increase the insured sums to a level commensurate with the actual value of their vehicles.

Vehicle owners are urged to review the insured amounts in their insurance policies to ensure that the amounts are sufficient to cover the value of the insured assets, according to local media reports.

The move is proposed to help vehicle owners to avoid the application of the rule of proportionality that is stipulated in insurance policies.

Industry players said that the values of vehicles and other assets have increased in local currency terms due to the weakening of the Egyptian pound against the US dollar. M

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