Insurance companies’ premiums in Egypt rise 15.6% in Q1

Insurance companies operating in Egypt posted premiums worth 9.43 billion Egyptian pounds ($582.7 million) during the first quarter this year, marking a 15.6 percent growth.

Earlier, premiums recorded 8.15 billion pounds during the first quarter of 2019.

“First-quarter commercial insurance premiums rose 7.3 percent to 7.75 billion pounds from 7.22 billion pounds during the same period of 2019,” the Egyptian Financial Regulatory Authority (FRA) said in its monthly report on Wednesday.

Takaful insurance companies operating in the country achieved premiums of 1.67 billion pounds during the first three months of this year against 926.9 million pounds last year, marking an 80.6 percent surge to the report added.

Non-life insurance companies operating in the Egyptian market posted three-month premiums climbed 18.2 percent to around 2.82 billion pounds versus 2.38 billion pounds during the same period last year.