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The Value of Insurance Companies Premiums was 14.4 Billion EGP by May 2017

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•Sherif Samy:  property insurance premiums increased by 85`% and Life insurance premiums by 46%
• 4.6 billion pounds was the amount of property and life insurance compensations by the end of May
• The largest compensations are found in supplementary car insurance, followed by medical and aviation insurance.

Sherif Samy announced that life insurance premiums (new and existing) amounted to 9.2 billion pounds within the first five months of 2017. While it was 6.3 billion pounds in the same period in 2016, with an increase by 46%. While new issuances of the property insurance witnessed a growth by 85 % in the same period, achieving 5.2 billion pounds, compared to 2.8 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 May, and then comes fire insurance by 17% and petrol insurance by 13 % then accidents by 10.5%.

EFSA’s Chairman added that total compensations in property insurance were amounted to 2.1 billion pounds compared to 1.7 billion EGP within the first five months of 2016. Whereas, compensations in life insurance was amounted to 2.5  billion pounds by the end of May 2017 compared 2.3 billion EGP last year.

EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to 596 million pounds, followed by medical insurance which was amounted to 517  million pounds and then aviation  by 338  million pounds and at the fourth place fire insurance achieving 204 million pounds.

Within the first five months of 2016, the total number of canceled insurance policies was increased from 130 thousand insurance policies to152 thousand insurance policies within the first five  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 74.3%.
The Department of Inspection held 102 desk and field inspections from the beginning of the year until June 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 57 studies related to reinsurance companies and it held 12 periodical inspections on Insurance Companies.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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