Decision of the Chairman of the Authority No. (1052) for the Year 2019

The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 75 of 2019 to establish standardized depreciation rates for motor vehicle insurance claims. The regulation mandates that licensed insurers apply fixed depreciation percentages ranging from 2.5% to 20% based on the vehicle's model year, with specific rates for tires, batteries, and weather-related damage. Additionally, insurers may deduct up to 2.5% of spare part values if policyholders refuse to surrender damaged components, and must update policy forms within six months of the decision's publication.

Egypt

Financial Regulatory Authority Egypt