Egypt: Insurers join efforts to reduce plastic pollution
Source: Middle East Insurance Review | Sep 2023
The Insurance Federation of Egypt (IFE) has outlined the role of insurance companies in addressing the risks of plastic pollution.
In its bulletin, the IFE said pollution caused by plastic affects the land through harmful chemicals that reach the surrounding soil, and seep into groundwater. The risks of plastic pollution include financial damage, as well as risks to human and animal health, ships, equipment, etc.
As for the role of insurance companies in addressing plastic pollution, the IFE said that they should include plastic pollution risk in their risk assessment models, adopt policies to reduce the use of plastic in their operations and set or adhere to standards in the repair and replacement of damaged objects subject to insurance, especially in property and motor insurance.
Insurance companies also contribute to increasing knowledge and awareness among customers. They can also design innovative insurance products to cover the risks associated with plastic pollution, said the IFE. M