GIG’s Premiums Grew 45% In 9 Months

GIG – Insurance Brokers has raised the value of premiums it assigned to insurance companies by 45% in the first nine months of 2012, said Talaat Abou Kalam, managing director of GIG.

Such results exceeded its target as the company aimed at increasing the premiums by 25% in 2012. As the Egyptian insurance sector has flourished, the company succeeded in fulfilling such increase, he noted.

The political turmoil Egypt witnessed in the last period has raised awareness on insurance. Although some insurance sectors were negatively affected by the unrest in the country after last year’s revolution, some other insurance sectors achieved growth rates, he added.

The land and marine transport insurance sectors were negatively affected because the rates of import and export sharply fell in the last period. The engineering insurance sector was also affected because there was no new industrial projects. The insurance coverage against theft by coercion witnessed high demand from customers after last year’s revolution.