Insurance firms premiums reach $2bn in 10 months- Egypt’s regulator

The total value of Egypt’s insurance companies premiums hit 14.6 billion Egyptian pounds (US$1.8 billion) at the end of October 2015 versus 11.8 billion pounds a year earlier, marking 23.7 percent increase.

Sherif Samy -chairman of the Egyptian Financial Supervisory Authority (EFSA)- said in a statement released Sunday that life insurance ten-month premiums (new and existing) recorded 9.6 billion pounds opposed to 6.9 billion at the same period of 2014, registering 38.7 percent growth.

He noted that the new issuances of the property insurance witnessed a slight increase by 1.1 percent in the first ten months of 2015, which achieved 5 billion pounds, compared to 4.9 billion pounds in the same period of 2014.

Samy clarified that supplementary car insurance was on the top of property insurance until October 2015 by 28 percent, followed by fire and medical insurances by 16.2 percent for each, and then compulsory car insurance by 11.3 percent.

During the first ten months of 2015, petrol insurance branch witnessed the largest growth estimated at 70 percent followed by aviation (53 percent), then engineering branch (27 percent), the chairman stated.

The chairman further stated that the biggest drop occurred in maritime by 17.2 percent and supplementary car insurance by 16 percent, when compared to the first nine  months of 2014.