Compensation paid by Egypt’s insurers 21.4% up in three months

Compensation paid to clients by insurance companies operating in Egypt surged 21.4 percent during the first quarter of this year, according to the country’s market regulator.

Compensation stood at 5.176 billion Egyptian pounds ($319,741), up from 4.264 billion pounds during the first quarter of 2019, announced the Egyptian Financial Regulatory Authority (FRA) in its monthly report on Wednesday.

At the end of March, non-life insurance companies paid compensation of around 2.8 billion pounds against 2.3 billion pounds during the first quarter of 2019, marking an 18.2 percent increase, FRA added.

Last March, compensation paid by insurance companies declined 14.5 percent to about 1.5 billion pounds versus 1.7 billion pounds during the same period last year.