•Sherif Samy: Life insurance premiums increased by 39% and property insurance was doubled • 726 billion pounds was the amount of property and life insurance compensations within January 2017.
• The largest compensations are found in supplementary car insurance, followed by aviation and medical insurance.
• 3 private insurance funds were listed and one private fund was delisted in the first two months of 2017
Sherif Samy announced that life insurance premiums (new and existing) amounted to 1.7 billion pounds within January 2017. While it was 1.2 billion pounds in the same period in 2016, with an increase by 39%. While new issuances of the property insurance witnessed a growth by 106 % in the same period, achieving 1.2 billion pounds, compared to 591 million pounds in the same period of 2016.
EFSA’s Chairman asserted that supplementary car insurance was on the top of property insurance by 20% within January 2017, and then comes fire insurance by 18.4% and aviation insurance by 17.8 % followed by petrol by 10.7%.
EFSA’s Chairman added that total compensations in property insurance were amounted to 487 million pounds compared to 415 million EGP last year. Whereas, compensations in life insurance which was amounted to 239 million pounds within January 2016 compared to 203 million EGP last year.
EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to 122 million pounds, followed by aviation which was amounted to 104 million pounds and then medical insurance by 87 million pounds and at the fourth place maritime insurance achieving 58 million pounds.
Within 2017, the total number of canceled insurance policies was increased from 23 thousand insurance policies in January 2016 to 30 thousand insurance policies within the first month 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 75%.
The Department of Inspection held 38 desk and field inspections within the first two months of 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 15 studies related to reinsurance companies and it held 5 periodical inspections on Insurance Companies.
Private insurance funds
EFSA’s Chairman noted that within the first two months of 2017, 3 private insurance funds were listed, besides amending the statute regulation of 30 funds and delisting of a fund.
Within the two months of 2017, EFSA approved investments of private insurance funds which were estimated by 2.2 billion Pounds. These investments included investments’ certificates, deposits, treasury bonds and governmental bonds.
Actuaries and Insurance Intermediaries
By the end of February 2017, the number of listed actuaries were 39 and it is the same number of actuaries last year.
The number of surveyors and loss adjustors was 60 from the companies and 391 from individuals by the end of February 2017, compared to 53 companies and 394 loss adjustors at the same period last year.
By the end of February 2017, the number of insurance companies was 62 insurance and re-insurance companies compared to 57 companies in the same period last year. Meanwhile, the number of insurance intermediaries (natural person) is 8330 insurance intermediaries by the end of February 2017 compared to 7892 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.
Within the first two months 2017, EFSA received 85 complaints related to insurance companies and private insurance funds compared to 72 complaints during the same period last year representing an increase by 18%. During this period, most of the complaints were against property insurance representing 46% of the total complaints, followed by complaints against life insurance companies representing 27%, and then comes complaints against private insurance funds by 27% 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 (36 complaints) representing 92% of total complaints.