Suez Canal Non-life Insurance Posts 3.9% Increase In Premiums; H1, FY 2012/13

Suez Canal Non-life Insurance Company achieved premiums of EGP 213 million in the first half of FY 2012/2013, compared with EGP 205 million in the first half of FY 2011/2012, registering a growth rate of 3.9%, said Ahmed Shehab, general manager of the company.

The company paid compensations of EGP 65 million in the first half of the current fiscal year, he added. The total value of profit reached EGP 22.5 million achieved as of the end of last December, compared with EGP 32 million in the compared period, registering a drop of 29.7 %.

The total value of investments achieved as of the end of 2012 reached EGP 598 million, registering a return on investment of EGP 22.5 million and growth rate of 3.8%.

Shehab affirmed that the insurance sector in Egypt is currently witnessing turbulence as a result of the unstable political conditions which make many large industrial projects shut down.

It is worth mentioning that Suez Canal Non-life Insurance Company targets to achieve premiums of EGP 460 million in FY 2012/2013.