Insurers Paid Benefits Of EGP 501.2 Mln By September: EFSA

The Egyptian Financial Supervisory Authority’s (EFSA) monthly report shows that insurance benefits paid reached EGP 501.2 million in September, compared to EGP 297.8 million in August, with a growth rate of 68.3%.

Life insurance claims paid totaled EGP 245.2 million, accounting for 48.9% of total insurance claims paid in September, compared to EGP 153.8 million in life insurance claims paid in August. Non-life insurance claims paid totaled EGP 256 million in September, compared to EGP 144 million August.

Medical insurance sector accounted for 53.6% and supplemental motor insurance sector accounted for 40.9% of insurance claims paid in September. Supplemental motor insurance sector accounted for 29.3% and medical insurance sector accounted for 18.4% of benefits paid in September.

There were 5,670 cancelled life insurance policies and 165,550 cancelled non-life insurance policies in September. The number of cancelled non-life insurance policies accounted for 74.5% of the total number of policies cancelled in September.