Delta Insurance Co. has reported 270 stolen cars with compensations of EGP 10 million from last year’s revolution till the end of FY 2011/2012, said Ibrahim Labib, deputy head of car insurance committee at Insurance Federation of Egypt and head of car insurance department at Delta Insurance. He noted that there are still compensations which are not paid yet.
Car insurance compensations witnessed a slight increase in FY 2011/2012 due to the increased rate of stolen cars that resulted in the security lax Egypt has been witnessing. The Company paid compensations for women more than that to men.
Labib expected the current political stability, after Mohamed Morsi was elected as president, to contribute in boosting growth in the new fiscal year.
It is worth mentioning that Delta Insurance Co. reported EGP 31.435 million as net compensations for supplemental car insurance and EGP 510,000 as net compensations for compulsory car insurance.
