Egypt’s Insurance Firms pay $817mln Compensations in Q1

The total volume of compensations paid by insurance firms working in Egyptian market hit EGP 6.442 billion (US$ 817.3) at the end of first quarter versus EGP 5.233 billion at the same period of 2014, marking 23% growth rate.

The monthly reports of the Egyptian Financial Supervisory Authority (EFSA) stated that the total compensations paid by public sector’s firms reached 3.298 billion Egyptian pounds at the end of March 2015.

According to the reports, the companies of local private sector have paid compensations worth 891 million Egyptian pounds while the compensations of foreign private sector’s companies reached 2.253 billion Egyptian pounds.

EFSA also added that insurance firms’ net compensations has recorded 4.783 billion at the end of March 2015 compared to 4.139 billion at the same period of 2014, registering 16% growth rate.

In its reports, the authority revealed that direct compensations recorded 6.204 billion Egyptian pounds during the first quarter of 2015 opposed to 4.995 billion Egyptian pounds at the same period of 2014, making 24% growth rate.