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Egyptian insurers eye premium increases as currency weakens


Egyptian insurers are looking to increase premium rates considering the fall in value of the Egyptian pound relative to the dollar, reported Middle East Insurance Review.

Bloomberg exchange charts show that the dollar has appreciated by at least 10% against the Egyptian pound between the start of 2015 and Oct.15.

The rise of the dollar will result in losses for insurers because of increased claim payouts in some branches, said an official at Arab Orient Takaful Insurance Co. Insurers' dealings with reinsurers could also be hit as many reinsurers transact in foreign currencies.

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