Insurance Companies’ Budgets Hit EGP 42.1 Bln At End-March 2012
El-Sayed Bayoumi, head of investment department at the Egyptian Takaful Insurance Company (Non-Life) revealed that that the total value of local insurance companies’ budgets reached about EGP 42.102 billion at the end of last March, according to the latest data of the Egyptian Financial Supervisory Authority (EFSA).
The budgets of non-life insurance companies registered EGP 19.374 billion, and budgets of life insurance companies registered EGP 22.728 billion.
The capitals of insurance companies reached EGP 5.029 billion; EGP 3 billion of public-sector companies, EGP 889 million of Egyptian private-sector companies and EGP 1.140 billion of foreign private-sector companies.
The capitals of Takaful insurance companies reached EGP 453 million and of capitals of commercial insurance companies reached EGP 1.576 billion.
It is worth noting that there are 29 insurance companies in Egypt. There are 10 life insurance companies; of which 3 companies are Takaful insurance companies. There are 16 non-life insurance companies; of which 5 companies are Takaful insurance companies. Moreover, there are three companies which were split into three life insurance companies and three non-life insurance companies which are Suez Canal Insurance Company, Al Mohandes Insurance Company and Delta Insurance Company.
