Car Insurance Premiums Hit EGP 2.050 Bln In 2011

Car insurance sector in Egypt had premiums of EGP 2.052 billion in 2011. The volume of direct premiums reached EGP 9.655 billion. Public sector accounted for EGP 4.597 billion and private sector accounted for EGP 5.058 billion of the value of premiums. The life insurance premiums reached EGP 4 billion and non-life insurance premiums registered EGP 5.655 billion.

The compulsory car insurance sector posted growth rate of 290.4%, supplemental car insurance sector posted growth rate of 123.4%, short-term medical insurance achieved growth rate of 110% and other insurance sector posted growth rate of 81.3% over the last five years.

Supplemental car insurance accounted for 25.5% (EGP 1.443 billion) of the volume of direct premiums, compulsory car insurance accounted for 10.8% (EGP 609 million), fire insurance accounted for 13.5% (EGP 765 million) and short-term medical insurance accounted for 8.9% (EGP 506 million) of the volume of direct premiums.

The private sector achieved a year-over-year growth rate of 16% in 2011 and public sector achieved a year-over-year growth rate of 4% in 2011.

The public sector accounted for 47.6% of the volume of direct premiums in 2011 and private sector accounted for 52.4% of the volume of direct premiums in 2011.