Insurance companies’ premiums in Egypt rise 33% by April-end

Insurance companies operating in Egypt posted premiums up to 18.1 billion Egyptian pounds ($1.2 billion) during the first four months of this year from 13.6 billion pounds last year, according to a report.

“The premiums marked a 33 percent growth or 4.5 billion pounds during the first nine months of the current year,” the Egyptian Financial Supervisory Authority (EFSA) said in its monthly report on Sunday.

At the end of April, non-life insurance companies’ premiums reached 5.04 billion pounds against 4.1 billion pounds during the same period in 2018, marking a 20.82 percent increase or 869.6 million pounds.

“Life insurance companies achieved premiums of 13.08 billion pounds versus 9.4 billion pounds last year, marking a 38.44 percent surge or around 3.6 billion pounds,” EFSA added.

In April, life insurance companies’ premiums increased 58.8 percent to 4.6 billion pounds, compared to 2.9 billion pounds during the same month last year.