New insurance pool for natural disasters

According to the Insurance Federation of Egypt (IFE), an insurance pool intended for natural disasters is to be created soon in Egypt. It would be operational within six months.

IFE Chairman has announced that several insurers and reinsurers, including the French reinsurer CCR Re, will participate in the implementation of this project.

The country is exposed to a multitude of such disasters, including rockslides, earthquakes, droughts and sandstorms. According to the Global Facility for Disaster Reduction and Recovery (GFDRR), these catastrophes claimed the lives of 1 500 people and caused 346.7 million USD in economic damage over the past two decades.

In addition, global warming is worrying the authorities. This scourge causes the Nile's level to rise and threatens, hence, the tens of millions of inhabitants living on its shore

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