Insurance firms at stake in Egypt

In these insecure times, more and more people are taking the insurance policy, which is pushing the cost of insurance ever higher.
Some companies are refusing to insure properties in Tahrir Square and the adjoining Mohamed Mahmoud Street and Maspero, because many buildings were damaged there. They also are reluctant to insure the vehicle.
According to Ahmed Abul Enein, head of Section Vehicle Misr Insurance Company, Egyptians need to be made more aware of the importance of insurance, especially in the wake of the revolution.
"But most Egyptian people are too poor to afford insurance," he said, adding that the car companies are suffering huge losses due to the security vacuum and the riots.
Wael Badran, manager of Royal Insurance Company, said Al-messa newspaper that many people are feeling scared, so they are now insuring their vehicles and other property, especially if they live in volatile areas.
Well as to increase their prices, insurance companies are paying out less. For example, a person who has his car insured for LE100, 000 now only get a LE75, 000 if it is stolen.
"Public and private-sector insurance companies paid out almost LE1 billion in compensation since the outbreak of the revolution," adds Badran, stressing that the media should make people more aware of the need to insure their property property.
"I am happy that the State is insured during the election judge for nearly LE1 million [about $ 165,000] each, but the government buildings recently damaged or destroyed by fire was not insured. People should be said about insurance when they buy a car or a flat. "
Ahmed Abdel-Aziz, a senior insurer for lorries, says that the culture of insurance has changed since the revolution, with several new companies that provide insurance policies against the hazards of political violence .
The number of 'car jackings' and 'truck jackings' has increased sharply since the revolution. Insurance companies now insist that lorries are insured must be equipped with GPS devices, so fix their location by satellite.
They also advise owners of trucks that use their vehicles during daylight hours, while the driver must be accompanied by an armed assistant. "We had many co-operation about," he stresses.

Article Source: - http://213.158.162.45/~egyptian/index.php?action=news&id=22914&title=Insurance%20firms%20at%20stake%20in%20Egypt

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