Egypt’s insurance firms post $844.2 mln premiums in Q2-FY2018/19

Egypt’s takaful and commercial insurance companies posted premiums of 14.6 billion Egyptian pounds ($844.2 million) during the second quarter of financial year 2018/2019, according to a recent report.

Premiums earlier registered around 9.5 billion pounds during the second quarter of financial year 2017/2018.

The commercial insurance firms achieved premiums worth 13.5 billion pounds from 8.9 billion, the Egyptian Financial Supervisory Authority (EFSA) said in its monthly reports on Monday.

“Premiums of commercial insurance firms increased 51 percent to about 4.5 billion at the end of last December,” EFSA further announced.

As for life commercial insurance firms, they posted premiums worth 9.4 billion pounds versus 5.8 billion pounds, marking a 61 percent growth.

Meanwhile, non-life commercial insurance firms’ premiums surged 32 percent to 4.09 billion pounds, compared with 3.1 billion pounds, the reports showed.

“Takaful insurance firms’ share reached around 7.6 percent of the Egyptian market’s total premiums to achieve 1.1 billion pounds during the second quarter of financial year 2018/2019 from 691 million pounds a year earlier,” EFSA said.

As for life takaful insurance firms, they posted premiums of 535 million pounds at the end of December 2018 versus 364 million pounds during the same month in 2017, with a 47 percent growth.

Meanwhile, non-life takaful insurance firms’ premiums climbed 86 percent to 608 million pounds during the second quarter of the current financial year, compared with 327 million pounds during the same period a year earlier.