President of the Egyptian Financial Supervisory Authority Sherif Samy has met with the president of the Insurance Federation of Egypt (IFE), as well as the heads of insurance companies, to discuss coverage for military and police forces in terrorism-related incidents.
Article 54 of the Anti-Terrorism Act expresses the state's commitment to an insurance policy that will support the police or Armed Forces in the event of an attack. According to the article, temporary compensation should be immediately given to those who have been affected by a terrorist attack.
The IFE suggested that as a first step, an insurance group consisting of several companies should be formed, said Samy. He also pointing out that the expected value of the insurance would be determined after a meeting with representatives from the Defense and Interior ministries and the preparation of the necessary actuarial studies.
Many points need to be resolved apart from the value of insurance, such as the exact definition of the "forces assigned to confronting terrorism", according to Samy.
Edited translation from Al-Masry Al-Youm
