Magazine date:
Oct 2014 According to the figures provided by the Egyptian insurance federation, motor third party liability coverage has resulted in significant losses over the past three years.
The claims paid by insurers amounted to 2.9 billion EGP (423 million USD) in return of just 1.94 billion EGP (283 million USD) of collected premiums.
These poor results are accounted for by the Egyptian revolution and by the increase in car thefts and accidents that ensued due to non-compliance with traffic regulations.
Meanwhile, fierce competition among insurers has further compromised the results of an already weakened market.