Compensation paid by Egypt’s commercial insurers 15.3% up end-Sept.

Compensation paid to clients by commercial insurance firms operating in Egypt surged 15.3 percent year-on-year during the first 9 months of this year, said the country’s market regulator on Saturday.

Compensation recorded 10.9 billion Egyptian pounds ($676.1 million) from 9.4 billion pounds during the first 9 months of 2018, said the Egyptian Financial Regulatory Authority (FRA) in its monthly report.

Last September, commercial insurance firms paid compensation worth 1.18 billion pounds against 895.6 million pounds during the same period in 2018, marking a 32.5 percent growth, FRA added.

“Nine-month compensation of takaful insurance firms operating in the Egyptian market rose 54.5 percent to 1.05 billion pounds versus 682.1 million pounds during the first 9 months last year,” FRA said.

Last September, takaful insurers paid compensation 125.3 million pounds from 90.3 million pounds during the same period in 2018, marking a 38.8 percent increase.

“The total compensation paid by insurance firms operating in Egypt climbed 17.9 percent to 11.962 billion pounds during the first 9 months of 2019, compared to 10.144 billion pounds last year,” the report showed.