Insurance Companies Achieved EGP 255.1 Mln Premiums In Dec. 2012

The Egyptian Financial Supervisory Authority (EFSA) revealed that insurance companies achieved premiums written of EGP 255.1 million last December, compared to EGP 198.9 million in November 2012.

Non-life insurance policies accounted for 71.9% of the total number of insurance policies in December 2012. Non-life insurance premiums accounted for 70.2% of the total volume of premiums in December 2012.

There were 86,000 life insurance policies with value of EGP 76.1 million in December 2012, compared to 44,300 life insurance policies with value of EGP 63.8 million last November.

Compulsory motor insurance accounted for 72.4% and supplementary motor insurance accounted for 10.9% of the number of insurance policies issued in December 2012.

Supplementary motor insurance accounted for 33.8% and compulsory motor insurance accounted for 17.5% of the value of premiums collected in December 2012.

The value of paid claims reached EGP 489.5million last December, compared to EGP 452.1 million last November.

The number of paid life insurance claims accounted for 87.3% (189,000) of the total number of paid claims in December. The value of life insurance compensations paid in December accounted for 51.7% (EGP 252.9 million) of the total value of compensations paid in December, compared to EGP 255 million in November.

The number of non-life insurance claims paid in December reached 27,500 with paid compensations of EGP 236.6 million in December, compared to EGP 227.1 million in November.

Medical insurance sector accounted for 40.5% and supplementary motor insurance sector accounted for 51.1% of the total number of claims paid in December 2012.

Supplementary motor insurance sector accounted for 31.5 % and petroleum insurance sector accounted for 26% of the total value of paid compensations in December 2012.

There were 5, 274 cancelled life insurance policies and 15, 000 cancelled non-life insurance policies in December 2012.