“We are awaiting the approval of the Financial Supervisory Authority to raise the costs of insurance policies against car theft,” said Abdel Raouf Qutb, head of the Egyptian Insurance Federation.
The federation asked to increase rates by 50 percent in order to cover 100 percent of the car’s value in the case of theft.
“If our request is turned down, we’ll only be liable for 75 percent of the car value, while the client will be liable 25 percent,” Qutb explained, adding that the Kia Serato and white cabs are the most commonly stolen brands since the revolution began on 25 January.
Translated from the Arabic Edition
