Aggregated News From Investment Management Regulators

The Value of Insurance Companies Premiums was 11.5 Billion EGP by the end of April

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•Sherif Samy:  property insurance premiums increased by 87`% and Life insurance premiums by 44%
• 3.6 billion pounds was the amount of property and life insurance compensations by the end of April
• The largest compensations are found in supplementary car insurance, followed by medical and aviation insurance.
• 8 private insurance funds were listed and 3 private funds were delisted by the end of May 2017

Sherif Samy announced that life insurance premiums (new and existing) amounted to 7.2 billion pounds within the first four months of 2017. While it was 5 billion pounds in the same period in 2016, with an increase by 44%. While new issuances of the property insurance witnessed a growth by 87 % in the same period, achieving 4.3 billion pounds, compared to 2.3 billion pounds in the same period of 2016.
EFSA’s Chairman asserted that supplementary car insurance was on the top of property insurance by 21% by the end of April, and then comes fire insurance by 18% and petrol insurance by 15 % then accidents by 10%.
EFSA’s Chairman added that total compensations in property insurance were amounted to 1.7 billion pounds compared to 1.4 billion EGP within the first four months of 2016. Whereas, compensations in life insurance was amounted to 1.9 billion pounds by the end of April 2017 compared to 1.8 billion EGP last year.

EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to 466 million pounds, followed by medical insurance which was amounted to 418  million pounds and then aviation  by 324 million pounds and at the fourth place fire insurance achieving 165 million pounds.
Within the first four  months of 2016, the total number of canceled insurance policies was increased from 105 thousand insurance policies to121 thousand insurance policies within the first four  months of this year. It should be noted that cancellation of insurance policies are based on the client’s request or by the insurance company if the premium was not paid. The number of property insurance policies which have been cancelled was 74.2%.

The Department of Inspection held 88 desk and field inspections from the beginning of the year until May 2017. Within this process, the Department of Inspection has reviewed the financial positions, final accounts, rates and technical indicators for insurance companies. Also, EFSA prepared 47 studies related to reinsurance companies and it held 11 periodical inspections on Insurance Companies.

Private insurance funds
EFSA’s Chairman noted that within the first five months of 2017, 9 private insurance funds were listed, besides amending the statute regulation of 78 funds and delisting of 3 funds.
Also, EFSA approved investments of private insurance funds which were estimated by 5 billion Pounds. These investments included investments’ certificates, deposits, treasury bonds and governmental bonds.

Actuaries and Insurance Intermediaries
By the end of May 2017, the number of listed actuaries was 39 and it is the same number of actuaries last year.
The number of surveyors and loss adjustors was 60 from the companies and 393 from individuals by the end of May 2017, compared to 56 companies and 380 loss adjustors at the same period last year.
By the end of May 2017, the number of insurance companies was 68 insurance and re-insurance companies compared to 58 companies in the same period last year. Meanwhile, the number of insurance intermediaries (natural person) is 8455 insurance intermediaries by the end of May 2017 compared to 8002 insurance intermediaries by the end of the same period last year that is pursuant to the rules and regulations governing insurance intermediary in accordance with the provisions of Law no.10 of 1981, its amendments and Executive Regulations.

Complaints
Within the first five months 2017, EFSA received 164 complaints related to insurance companies and private insurance funds compared to189 complaints during the same period last year representing an increase by 13%. During this period, most of the complaints were against property insurance representing 43% of the total complaints, followed by complaints against life insurance companies representing 22%, and then comes complaints against private insurance funds by 35% of the total complaints.
It is worth mentioning that most of complaints against property insurance companies were related to supplementary car insurance and compulsory car insurance (63 complaints) representing 89% of total complaints.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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