Egypt’s insurance firms pay $143.1 mln compensation in two months

Egypt’s insurance firms paid total compensation of 2.48 billion Egyptian pounds ($143.1 million) for their clients during January and February this year from 2.08 billion pounds last year, according to a recent report.

“The compensation marked an annual increase of 19.2 percent or around 400 million pounds during January and February,” the Egyptian Financial Supervisory Authority (EFSA) said in its monthly report on Saturday.

The compensation of non-life insurance firms rose 27 percent to about 1.2 billion pounds, compared with 976.9 million pounds in 2018.

“Life insurance firms paid compensation of 1.24 billion from 1.11 billion, marking a 12.3 percent growth,” EFSA said.

In February, insurance firms’ compensation grew 41 percent to around 1.38 billion versus 974.7 million, while life insurance firms paid 629.8 million, 17.5 percent up from 535.9 million during the same month.