CAIRO: The Insurance Federation of Egypt is investigating a proposal for an insurance policy against risks of terrorism, which may be presented to regulators for approval.
Elhamy Al-Kady, the Secretary General of the Federation, said Thursday that the business group was investigating the new policy and the terms of issuance.
He pointed out that the dominant views in the Federation were for the issuance of a multilateral policy that would be jointly underwritten by the majority of local insurers. “On reaching a final resolution on terms, the Insurance Federation will hold talks with an international insurer to diversify risks, he said.
In the context, a senior official at the Federation said the new insurance policy against terrorism risks would be available in a few months after approval from the Egyptian Insurance Supervisory Authority.