Egyptian insurance companies’ technical losses 54.2% up in Q1 – report

Insurance companies operating in Egypt recorded a 54.2 percent growth in technical losses during the first quarter of the year from 51.8 percent last year, according to a report.

The insurers’ first-quarter premiums surged 15.6 percent to 9.43 billion Egyptian pounds ($591.8 million) against 8.15 billion pounds during the same period of 2019, the Financial Regulatory Authority (FRA) said in its monthly report.

The insurance companies paid compensation worth 5.176 billion pounds versus 4.264 billion pounds during the first quarter of 2019, marking a 21.4 percent increase, FRA added.