Insurance Premiums Hit EGP 169 Mln In June 2012
The Egyptian Financial Supervisory Authority (EFSA) revealed the results of insurance companies in June as they posted EGP 169 million as premiums and paid compensations posted EGP 521.4 million.
18,200 life insurance policies worth EGP 34.7 million were signed in June, compared to 18,800 life insurance policies worth EGP 38.2 million signed in May. There were 226,200 non-life insurance policies signed in May with premiums of 134.3 million, compared to 201,300 non-life insurance policies signed in May with premiums of EGP 139.8 million. Non-life insurance policies accounted for 92.5% of the total number of policies signed in May and non-life insurance premiums accounted for 79.4% of the number of premiums collected in June.
The compulsory car insurance accounted for 77% of the number of policies issued in June and supplemental car insurance accounted for 10% of the same number.
The supplemental car insurance premiums accounted for 31.6% of the total value of premiums collected in June and compulsory car insurance premiums accounted for 28.7% of the same value of premiums.
The paid life insurance claims reached about 185,000 representing 80.3% of the total claims paid in June. The life insurance compensations paid in June reached EGP 211.7 million, representing 41.9% of the total paid compensations in the same period. The paid non-life insurance claims reached about 453,000 in June 2012. The paid non-life insurance compensations reached EGP 302.6 million in June, compared to EGP 458.4 million in May.
The medical insurance claims registered 64.2% of the total number of claims paid in June, while car insurance claims stood at 30.8% of the claims paid in the same period. Petroleum insurance paid compensations accounted for 33.1% of the total value of compensations paid in June and medical insurance compensations accounted for 27.7% of the same value.
There were 5587 cancelled life insurance policies and 14473 cancelled non-life insurance policies in June. The cancelled non-life insurance policies registered 77.2% of the total number of policies cancelled in June.
