Egypt: Cairo Chamber studying largest group policy for merchants
Source: Middle East Insurance Review | Nov 2018
The board of the Cairo Chamber of Commerce is studying details of group life and property insurance for merchants provided by a number of insurers, including state-owned Misr Insurance.
When agreement is reached on the insurance policy, it would be the largest group insurance policy because it will cover approximately 119,300 merchants, said the newspaper Youm7.
Mr Ibrahim Al-Arabi, president of Cairo Chamber said, a final agreement has not yet been reached because there are details in the insurance policy yet to be finalised.
The non-life coverage of the proposed policy would be for risks such as fire; fire caused by explosion; self-ignition; riot; civil strikes; labour strikes; and robbery, while the life insurance part would cover death, permanent disability and partial permanent disability.
The group insurance would kick off by covering traders who are members of the Chamber at the end of this year, with each trader paying an annual premiums of EGP50 ($2.80) for property insurance and another EGP50 for life insurance, bringing the combined premiums to EGP100 a year.
Mr Al-Arabi said the insurance policy to be agreed on would be approved by the Minister of Industry and Foreign Trade. M
EGP1 = $0.06