60% of insurers in Egypt issue e-insurance policies – official

Big 5

60 percent of the insurance companies in Egypt are allowed by market regulator to issue insurance policies in electronic form, said the regulator’s deputy chairman said on Wednesday.

This comes as part of the Egyptian Financial Supervisory Authority’s (EFSA) support to encourage the country’s insurance sector to use digital technology, Reda Abdel Moaty said.

Moreover, insurance sector’s premiums increased 23.4 percent last year, Abdel Moaty announced in the EFSA’s annual report.

“37 insurance companies posted total premiums worth 30 billion pounds during June 2018 from 24 billion pounds during the same month in 2017,” he said.

Insurers also paid compensation estimated at 15.4 billion pounds last June, compared with 12.9 billion pounds in 2017, he added.

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