Egyptian Financial Supervisory Authority (EFSA) approved Arab Misr Insurance Group’s poultry insurance policy.
Ali Bashendy, head of technical affairs department, said that AMIG is the first company in Egypt to launch poultry insurance policy which covers the death of the insured poultry due to sudden accidents and illness during the period of insurance. The compensation will be the value of the poultry just before the time of the accident or the disease.
With additional premiums, the policy will cover additional risks namely; death and infertility caused by improper transportation, death caused by theft, loss caused by escape and permanent loss. The policy also covers removing debris, machinery breakdown down and sudden temperature change.
Bashendy noted some liabilities on the insured including that the poultry shall be free of disabilities, diseases, crippling diseases, or physical injuries (to be in good health) at the beginning of the insurance period. Besides, the insured shall be the only owner and possessor of the poultry at the beginning of the insurance period. The insured poultry shall be in the geographical region determined in the policy during the insurance period. The insured shall provide proper care and abide by the minimum standards for maintaining poultry. In case of discovering any disease, disability or any injury occurred, the insured shall assign veterinarians to treat the poultry.
It is worth mentioning that AMIG has got an approval on issuing crop insurance policy in April.
AMIG achieved 10% growth in premiums registering EGP 147 million in the first half of FY 2011/2012, compared with EGP 133.64 million in the first half of FY 2010/2011.
