Local Egyptian insurance companies are currently suffering a crisis after their umbrella reinsurance companies (protection for insurance companies) have yet to make compensation payments after local companies paid benefits to Egyptian customers. Reinsurance companies are using a resolution passed by the Egyptian Union for Insurance, arguing that the violent acts in the January 25 Revolution were “civil disturbances” and not revolutionary acts. “Reinsurance companies abroad didn't pay compensation to local insurance companies,” said Hamed Mahmoud, the deputy manager of Reinsurance at el-Masriya for Interdependence Insurance. “Tunisia didn't face this trouble despite the fact that the acts stemmed from the Tunisian Revolution,” Mahmoud told Youm7. Some insurance company losses could be as high as one million EGP (U.S. $167,977), and losses for el-Masriya Insurance total four million EGP (U.S. $671,908).
