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Oct 2019

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Egypt: Some insurers cut supplementary motor premiums by over 50%

Source: Middle East Insurance Review | Sep 2019

Some insurers have slashed supplementary motor premiums by more than 50% to cope with the aftermath of the ‘Khalia Tada’ (‘Let them rust!’) social media campaign that has resulted in lower vehicle prices.
 
Some insurers have cut the premium rate for supplementary motor insurance to 1.7%, compared to 3.5% before the campaign began, Mr Ahmed Abu Al-Enein, head of motor business at Delta Insurance Company, told Al Mal News.
 
The ‘Let it rust’ campaign calls for the boycott of car purchases to force vehicle dealers to reduce their prices, causing a decline in vehicle sales in Egypt. The campaign started just before 1 January when tariffs on European-manufactured cars were reduced to zero.
 
The founder of the ‘Let It Rust’ campaign, Mr Ahmed Abdel Moez, said car dealers had been selling old car models which were no longer produced in their countries of origin, at the same price as new models. M 
 
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