Compensation paid by Egypt’s insurance companies 12.8% up in 4 months

Compensation paid to clients by insurance companies operating in Egypt rose 12.8 percent year-on-year during the first four months of this year, announced the country’s market regulator on Tuesday.

Compensation registered 6.09 billion Egyptian pounds ($380.8 million) from 5.4 billion pounds during the first four months of 2019, said the Egyptian Financial Regulatory Authority (FRA) in its monthly report.

At the end of April, public and non-life insurance companies paid compensation worth around 3.2 billion pounds against 2.94 billion pounds during the first nine months of last year, marking a 9.4 percent growth, FRA added.

“Insurance companies paid compensation totalling about 1.11 billion pounds last April versus 1.13 billion pounds during the same period in 2019, marking a 2.2 percent decline,” FRA said.