News Middle East02 Sep 2015

Egypt:Govt plans terrorism insurance cover for military & police

02 Sep 2015

The Egyptian Financial Supervisory Authority (EFSA) has met the Insurance Federation of Egypt (IFE) and the heads of several insurance companies to discuss providing cover for members of the military forces and the police against the risk of terrorism.

The government has given the green light for money confiscated from terrorist groups to be used to pay the premiums for the insurance cover, according to local media reports. The insurance will cover death, or total and partial disability

The total amount of terrorism coverage will be determined after a meeting of representatives of the Ministries of Defence and Interior and the completion of actuarial studies, said Mr Sherif Samy, EFSA Chairman.

He said that other details, like the insurance premium, amount of compensation per case and how it will apply to the different ranks, need to be worked out with representatives of the two ministries.

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