After the Alexandria storm .. How does the insurance be compensated for the losses of climate change?

Become Climate changes A fact that causes many unexpected losses that have already been embodied in an accident Alexandria storm And with which it is necessary to obtain complete coverage to compensate those affected by the incidents of these rapid changes.

Clarify Alaa Al -Zuhairi, head of Egyptian insurance companies There is already insurance for all natural dangers such as floods, winds, heavy rains, etc., and he added in exclusive statements to “The Seventh Day” that insurance is made through property insurance documents as an additional danger to the dangers covered with documents, as well as engineering insurance documents for various projects.

And the Engineering Committee of the Insurance Union stated that in the event of rain, the insured must communicate with the Meteorological Authority, to determine whether these rains are normal or unusual (covered within the natural dangers), and that based on the latest modifications from the Munich Rom all the natural dangers are covered

The Meteorological Authority report determines whether the accident is the result of heavy rains or torrential rains, and this report is considered one of the most important reasons for determining the amounts of compensation, as rain is classified as natural risks, while “torrents” are classified as natural disasters that cover 25 % of the total value of insurance amounts, unless this is stipulated in additional annexes of the insurance policy,

The insurance coverage of the natural dangers includes earthquakes, floods, storms and torrents, through which an appropriate compensation can be obtained as a result of the damage that resulted from them, but for the dangers resulting from the rain and whose compensation requires an additional supplement to insurance coverage based on the customer’s desire and explicitly mentioned in the document, as well as the torrents that are mainly due to the fall of heavy rains that descend from high places such as mountains The plateaus, caused damage to property and assets, and compensation depends on the conditions of the insurance and coverage document covered by the meteorological report and its description of the accident.
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For his part, Dr. Mohamed Farid, Chairman of the General Authority for Financial Supervision, affirmed that the authority is closely following the rapid climate changes, especially in light of the increase in the frequency of natural disasters.

Farid indicated during his speech at the Maritime Insurance Forum in the Middle East and North Africa for the year 2025, which was organized by the Egyptian Insurance Companies Union, in cooperation with the International Federation for Maritime Insurance “IUMI”.
Until the events that were every 70 or 80 years have become more severely repeated every 7-8 years, which imposes on regulatory authorities and insurance companies serious challenges that require continuous development of climate risk management tools urgently.

The Egyptian Insurance Federation, in cooperation with the Financial Supervisory Authority, seeks to launch a new collection to cover natural risks in a compulsory manner, to provide protection and coverage of property and projects that are exposed to these dangers.