Misr Insurance Company paid compensations of EGP 6.7 million for the owners of stolen cars last January, said Ahmed Abul Enein, head of Motor Insurance Sector at the company and Motor Insurance Committee of the Insurance Federation of Egypt (IFE). Abul Enein revealed that such compensations went to the owners of 105 cars stolen last January, noting that the company paid compensations of EGP 8 million for the owners of 110 cars stolen last December. The rate of stolen vehicles has been 10-folded since 2011's revolution because of the rampant security chaos, he noted. He pointed out that the Motor Insurance Committee's decision to extend the implementation of regulation no.52 issued at the beginning of 2012, which states that the customer shall incur either 25% of the value of car compensation or a 50% increase in the charges of car thefts, has contributed to reducing the value of compensations, but did not help in reducing the number of stolen cars. Restoring order to the streets will help in reducing the rate of stolen cars as the current turmoil affects negatively the economy in general and the insurance market in particular, he affirmed.
