Egypt’s insurance firms post $513.2 mln premiums in two months

Egypt’s insurance firms posted premiums totalling 8.9 billion Egyptian pounds ($513.2 million) during January and February this year from 6.9 billion pounds last year, according to a report.

“The premiums marked a 28.9 percent increase or 2 billion pounds during January and February,” the Egyptian Financial Supervisory Authority (EFSA) said in its monthly report on Saturday.

At the end of last February, non-life insurance firms’ premiums rose 9.1 percent to around 2.57 billion pounds against 2.35 billion pounds during January and February 2018.

“Life insurance firms achieved premiums of 6.3 billion pounds during January and February of the current year from 4.5 billion pounds during the same period in 2018, marking a 38.9 percent growth or around 1.7 billion pounds,” EFSA said.

In February, insurance firms posted premiums worth 4.2 billion pounds up from about 3.3 billion during the same month last year.

“Non-life insurance firms’ premiums grew 6.9 percent to 1.15 billion during February 2019, compared with 1.08 billion during the same period in 2018,” EFSA added.