Egypt Independent

Authorities study insurance claims amid political violence



Head of the Egyptian Financial Supervisory Authority Sherif Samy said he is in discussions with insurers amid threats of ongoing riots and political violence in Egypt.
 
Samy said he has spoken with insurance companies, as well as the Insurance Federation of Egypt, in an attempt to expand the scope of insurance policy.
 
 
This insurance tool has become a necessity given Egypt's current political situation, he told state-run news agency MENA.
 
Samy said he discussed with officials of 29 insurance companies the issue of expanding insurance coverage against riots and political violence.
 
Samy expressed hopes that current instability would pass in Egypt.
 
Alaa al-Zuheiry, board member at the Insurance Federation of Egypt, told al-Masry al-Youm on Saturday that only three percent of clients are insured against riots and political violence. He explained that the current events are classified as political violence, which require damage pay through special documents.
 
Edited translation from MENA