Egyptian insurance companies’ premiums rose 17.7% in 8 months

Insurance companies in Egypt have registered a growth rate of 17.7 percent in premiums to record 11.42 billion Egyptian pounds (US$1.4 billion) in the first eight months of 2015, market regulator chief stated.

Premiums stood at 9.7 billion pounds in the first eight months of 2014.

Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA), said in a statement Saturday that new and valid issuances of life insurance premiums had reached 7.5 billion pounds by the end of August 2015, compared to 5.6 billion pounds in August 2014, marking an increase of 32.7 percent.

Meanwhile, new and renewed issuances of non-live insurance premiums have witnessed a slight increase of 0.3% at August-end 2015, to register 4.12 billion pounds versus 4.1 billion pounds in August-end 2014.

Moreover, cars insurance premiums have seized the biggest market share of non-life insurance during the first eight months of 2015 by 27.5 percent followed by fire insurance premiums that recorded 16.8 percent share then the health insurance that got 15.9 percent.