Egyptian insurance companies’ premiums 9.6% up in five months

The premium portfolio of insurance companies operating in Egypt increased 9.6 percent year-on-year during the first five months of the current year, according to a report.

Premiums recorded 15.2 billion Egyptian pounds ($957.9 million), up from 13.8 billion pounds during the first five months of 2019, Egypt’s Financial Regulatory Authority (FRA) said in its monthly report on Saturday.

Commercial insurance companies’ five-month premiums rose 1 percent to 12.4 billion pounds against 12.3 billion pounds during the same period of last year, the report added.

Takaful insurance companies also achieved premiums worth 2.75 billion pounds during the first five months of this year versus 1.54 billion pounds last year, marking a 78 percent surge.

“Non-life insurance companies’ premiums registered about 6.2 billion pounds from 6.67 billion pounds during the first five months of last year, marking a 6.4 percent decline,” the report said.