The Egyptian Saudi Insurance House has started negotiations to renew reinsurance agreements for the next year, said Abdel Raouf Kotb, chairman of ESIH.
Given the good relations between foreign reinsures and ESIH, Kotb affirmed that the company will renew the agreements without travelling to conduct negotiations with reinsurers.
Reinsurers have demanded some documents such as the company’s statistics and results analysis. Kotb expected that reinsurers will not impose more conditions as ESIH adopts a good underwriting policy in dealing with risks.
The current unrests in Egypt will definitely affect the reinsurance agreements. If such events do not end peacefully, they will post negative impact on reinsurance agreements.
The new reinsurance agreements cover riots and unrests, meaning that these events may affect the insurance results, he noted.
