News Middle East21 Jul 2019

Egypt:Nat CAT pool expected to be launched in next 6 months

21 Jul 2019

The Insurance Federation of Egypt (IFE) is making preparations for the process of launching the country's first insurance pool against natural hazards and disasters.

The launch is expected to take place within the next six months, according to Mr Alaa El-Zoheiry, IFE chairman.

Insurance companies will be invited to participate in the pool, reported Amwal Al Ghad quoting Mr El-Zoheiry, The federation has also invited CCR Re, one of the biggest public sector reinsurers operating in France with coverage against natural catastrophes and uninsurable risks, to take part in the pool, he added.

Egypt is exposed to a variety of natural hazards, including coastal and river floods, earthquakes, rockslides, sand storms, and water scarcity.

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