Egypt’s insurance companies pay $239.5 million compensation in Q1

Egypt’s insurance companies paid total compensation of 4.1 billion Egyptian pounds ($239.5 million) during the first quarter of this year up from 3.6 billion last year, according to a report.

“The compensation marked an increase of 13.8 percent or around 500 million pounds during the first quarter of 2019,” the Egyptian Financial Supervisory Authority (EFSA) said in its monthly report on Saturday.

The compensation of non-life insurance companies rose 24.1 percent or 463.8 million pounds to record about 2.3 billion pounds at the end of March, compared to 1.9 billion pounds during the same month in 2018.

“Life insurance companies paid compensation of 1.8 billion during the first quarter of the current year against 1.7 billion during the same period last year, marking a 9.6 percent growth or 164 million pounds,” EFSA said.

In March, insurance companies ’ compensation increased 13.3 percent to around 1.7 billion pounds versus 1.5 billion pounds last year.

Life insurance companies paid compensation of 626.9 million last March, 4.5 percent up from 600 million in 2018.