The Insurance Federation of Egypt (IFE) has prepared, through its general committee for fire insurance, a guide to sound technical underwriting of fire risk.
The guide aims to improve underwriting by setting out the criteria for the acceptance and rejection of fire risks, the classification of risks, and laying down sound technical standards in underwriting, in addition to determining retention limits to avoid concentrated risks, reported Al Mal.
The IFE said the guide has been distributed to insurers. It describes the initiative as a step towards improving the financial results of insurers, facilitating the conclusion of reinsurance agreements, in addition to reducing the size of losses through the sound assessment of anticipated risks.
Analysis of group life market
Back in November, the IFE had carried out through its group life insurance committee an analysis of the group life insurance market, identifying strengths, weaknesses, opportunities and threats.
The committee has made several recommendations to improve the group life market, which include increasing marketing and awareness; encouraging employers to offer group life insurance as a type of benefit for employees; establishing a database for customers which cause losses in this branch of business, and establishing special collections departments.
The IFE has identified as well the business sectors which have shown weak demand for group life insurance and directing insurers to them in a bid to increase the sales of group life policies. It is also working to design group life covers that would meet the circumstances of each sector.
To boost group life sales, the IFE has broken down the market into sections, namely: geographical distribution of customers (regions – rural areas - cities); demographic distribution (age - income - gender); and psychological distribution (personality - lifestyle). M