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Ibrahim Labib, deputy head of car insurance committee at Delta insurance company, said the supplemental car insurance sector achieved profit of EGP 800,000 in FY 2011/2012. In addition, the company’s premiums reached EGP 62.5 million and compensations registered about EGP 40 million, excluding production costs, at the end of last June.
The car insurance sector was most affected by the turmoil that followed by last year’s revolution because of the increasing rate of robbery. Although rate of robbery reduced in Q4 of FY 2011/2012, the rate is still above the normal range, Labib noted.
It is worth mentioning that Delta Insurance Company targets achieving EGP 66 million as supplemental car insurance premiums in FY 2012/2013.
