The Insurers' Federation of Egypt (IFE) has issued a set of recommendations to help insurers navigate geopolitical tensions and the war between the Iran-Israel-US war.
In its weekly bulletin released on 26 April, the IFE recommended:
-
Insurance companies must design new insurance products that meet the actual needs of customers in light of the emergence of a number of emerging risks, thereby reducing the potential financial impact on customers and providing greater flexibility and protection for the overall supply chain.
-
Raising awareness among customers about the coverages and exclusions included in insurance policies and what additional coverages can be obtained in light of global uncertainty.
-
Paying more attention to cyber security by:
-
Insurance companies are developing their technological infrastructure.
-
Designing insurance products that provide the necessary protection for those whose work is based on communication via the Internet.
-
Continuously keeping up with all that is new in the field of digital technology and making efforts to eradicate digital illiteracy within the work environment and among customers so that everyone understands how a cyber attack occurs, and the insurance company and its customers can protect their IT platforms from any intrusion, hacking or cyber attack.