Insurance Companies Achieved EGP 198.9 Mln Premiums In Nov. 2012

The Egyptian Financial Supervisory Authority (EFSA) revealed that insurance companies achieved premiums written of EGP 198.9 million last November, compared to EGP 230.3 million in October 2012.

Non-life insurance policies accounted for 82.8% of the total number of insurance policies in November 2012. Non-life insurance premiums accounted for 67.9% of the total volume of premiums in November 2012.

There were 21,300 non-life insurance policies with total premiums of 135.1 million in November 2012, compared to 21,700 non-life insurance policies with total premiums of EGP 183.7 million last October.

There were 44,300 life insurance policies with total premiums of EGP 63.8 million last November, compared to 49,000 life insurance policies with total premiums of EGP 46.6 million last October.

Compulsory motor insurance accounted for 76.3% and supplementary motor insurance accounted for 9% of the number of insurance policies in November 2012.

Supplementary motor insurance accounted for 34.6% and compulsory motor insurance accounted for 27.6% of the value of premiums collected in November 2012.

The value of paid claims reached EGP 452.1 million last November, compared to EGP 429.8 million last October.

The number of paid life insurance claims accounted for 86.4% (228,000) of the total number of paid claims in November. The value of life insurance compensations paid in November accounted for 49.8% (EGP 225 million) of the total value of compensations paid in November, compared to EGP 229.8 million in October.

Medical insurance sector accounted for 60.6% and supplementary motor insurance sector accounted for 34.8% of the total number of paid claims in November 2012.

Supplementary motor insurance sector accounted for 35.5% and petroleum insurance sector accounted for 15.6% of the total value of paid compensations in November 2012.

There were 5611 cancelled life insurance policies and 11, 816 cancelled non-life insurance policies in November 2012.

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