Misr Insurance Company (Non-life) achieved EGP 123 million motor insurance premiums as of the end of last March, compared to EGP 131 million in the compared period, registering a drop of 6%, said Mohamed Taha, manager of motor insurance sector.
The motor insurance sector has witnessed a retreat in the value of premiums and an increase in the value of compensations due to the current security vacuum and the high theft rates in the country, he explained.
The current economic recession has shaken the number of car sales especially that banks decline to offer customers car loans which thereby reduced the number of motor insurance policies, he added.
It is worth mentioning that Misr Insurance Company achieved written premiums worth EGP 1.97 billion in the second quarter of FY 2012/2013, compared to EGP 1.8 billion in the second quarter of the last fiscal year, registering a growth rate of 9.4%.
