GIG – Egypt eyes 10% y-o-y surge in FY2020 premiums

By Eslam Abdelhameed On Nov 16, 2019

GIG Insurance – Egypt — Alaa el-Zoheiry, chairman of the Insurance Federation of Egypt (IFE) and managing director of GIG-Egypt (Photo Credit: Amwal Al Ghad)

Egypt’s Arab Misr Insurance Group- GIG says it targets a 10 percent increase year-on-year in premiums to around 1.2 billion Egyptian pounds ($74.4 million) within the 2019/2020 financial year.

The firm’s premiums rose to 1.1 billion pounds during the 2018/2019 financial year from 971 million pounds during the 2017/2018 financial year, its managing director Alaa el-Zoheiry told Amwal Al Ghad on Saturday.

“We paid total compensation worth 370 million pounds during the last financial year against 300 million pounds during the financial year 2017/2018, marking a growth of around 70 million pounds,” el-Zoheiry said.