Insurance Premiums Posted EGP 257.6 Mln In July: EFSA

The Egyptian Financial Supervisory Authority (EFSA) revealed the results of insurance companies in July as they posted EGP 257.6 million as underwritten premiums, compared to EGP 169 million as underwritten premiums in June, registering a growth rate of 52.4%.

18,800 insurance policies worth EGP 45.6 million were signed in July, compared to 18,200 insurance policies worth EGP 34.7 million were signed in June. There were 214,000 non-life insurance policies signed in July with premiums of EGP 212 million, compared to 226,300 non-life insurance policies signed in June with premiums of EGP 134.3 million. Non-life insurance policies accounted for 93.9% of the number of policies signed in July and non-life premiums accounted for 82.3% of the number of premiums collected in June.

Compulsory vehicle insurance accounted for 73.1% and supplemental vehicle insurance accounted for 11.1% of the number of policies issued in July.

Supplemental vehicle insurance premiums accounted for 27.2% of the total value of premiums collected in July and compulsory vehicle insurance premiums represented 20.8% of the same value of premiums.

Paid insurance compensations reached EGP 347.2 million in July, compared to EGP 521.4 million in June, registering a retreat of 33.4%.

There were 220,000 paid claims with paid compensations of EGP 172.5 million in July, compared to EGP 302.6 million in June.

The supplemental vehicle insurance sector accounted for 53.6% and medical insurance sector accounted for 33.3% of the total value of paid claims in July.

The supplemental vehicle insurance sector accounted for 46% and medical insurance sector accounted for 16.3% of the total value of paid compensations in July.

There were 5223 cancelled life insurance policies and 10,496 cancelled non-life insurance policies in July. The number of cancelled non-life insurance policies registered 66.8% of the total number of policies cancelled in July.