- Sherif Samy: Life insurance premiums increased by 39% and property insurance grew by 10%
- 8 billion pounds was the amount of property and life insurance compensations in ten months
- The largest compensations are found in supplementary car insurance, followed by medical insurance and fire insurance.
- The number of complaints reduced by 22%
- 24 private insurance funds was listed by the end of November 2016
Sherif Samy announced that life insurance premiums (new and existing) amounted to 13.4 billion pounds until October 2016. While it was 9.6 billion pounds in the same period in 2015, with an increase by 39%. While new issuances of the property insurance witnessed a growth by 10% in the same period, achieving 5.53 billion pounds, compared to 5 billion pounds in the same period of 2015.
EFSA’s Chairman asserted that supplementary car insurance was on the top of property insurance by 31% until the end of October 2016, and then comes fire insurance by16% and medical insurance by 15.5 % followed by accidents by12%.
EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to one billion pounds , followed by medical insurance which was amounted to 822 million pounds and then fire insurance by 598 million pounds and at the fourth place compulsory car insurance achieving 321 million pounds.
In the first ten months of 2015, the total number of canceled insurance policies was 220 thousand insurance policies compared to 265 thousand insurance policies in the same period of 2016. 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 70%.
The Department of Inspection inspected 138 insurance companies during the period from 1 January to the end of November 2016. Within this process, the Department of Inspection has reviewed the financial positions, final accounts, rates and technical indicators for insurance companies. Also, EFSA prepared 82 studies related to reinsurance companies and it held 30 periodical inspections on Insurance Companies.
Private insurance funds
EFSA’s Chairman noted that until the end of the end of November 2016, 24 private insurance funds were listed, besides amending the statute regulation of 135 funds and delisting of 4 funds.
From the beginning of the year and until November 2016, 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 November 2016, the number of listed actuaries was 39, compared to 36 actuaries at the same period last year.
The number of surveyors and loss adjustors was 58 from the companies and 380 from individuals by the end of November 2016, compared to 53 companies and 402 loss adjustors at the same period last year.
By the end of November 2016, the number of insurance companies was 60 insurance and re-insurance companies compared to 53 companies in the same period last year. Meanwhile, the number of insurance intermediaries (natural person) is 8296 insurance intermediaries by the end of November 2016 compared to 7736 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.
From the 1st of January to the end of November 2016, EFSA received 442 complaints related to insurance companies and private insurance funds compared to 569 complaints during the same period last year representing a decline by 22%. During this period, most of the complaints were against property insurance representing 40% of the total complaints, followed by complaints against life insurance companies representing 32%, and then comes complaints against private insurance funds by 28% 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 (144 complaints) representing 81% of total complaints.