• Sherif Samy: Life insurance premiums increased by 40% and property insurance grew by 17%
• 10 billion pounds was the amount of property and life insurance compensations within 2016
• The largest compensations are found in supplementary car insurance, followed by medical insurance and fire insurance.
Sherif Samy announced that life insurance premiums (new and existing) amounted to 16.5 billion pounds within 2016. While it was 11.8 billion pounds in the same period in 2015, with an increase by 40%. While new issuances of the property insurance witnessed a growth by 16.5 % in the same period, achieving 7.2 billion pounds, compared to 6.1 billion pounds in the same period of 2015.
EFSA’s Chairman asserted that supplementary car insurance was on the top of property insurance by 29% within 2016, and then comes fire insurance by17% and medical insurance by 15 % followed by accidents by12%.
EFSA’s Chairman added that total compensations in property insurance were amounted to 4.5 billion pounds compared to 4.2 billion EGP last year. Whereas , compensations in life insurance which was amounted to 5.6 billion pounds within 2016 compared to 4.1 billion EGP last year.
EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to 1.3 billion pounds , followed by medical insurance which was amounted to 1 billion pounds and then fire insurance by 747 million pounds and at the fourth place compulsory car insurance achieving 408 million pounds.
Within 2015, the total number of canceled insurance policies was 280 thousand insurance policies compared to 327 thousand insurance policies within 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 71%.
The Department of Inspection held 18 desk and field inspections within January 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 6 studies related to reinsurance companies and it held 3 periodical inspections on Insurance Companies.
Private insurance funds
EFSA’s Chairman noted that within January 2017, 2 private insurance funds were listed, besides amending the statute regulation of 8 funds and delisting of 4 funds.
Within the first month of 2017, EFSA approved investments of private insurance funds which were estimated by 1.25 billion Pounds. These investments included investments’ certificates, deposits, treasury bonds and governmental bonds.
Actuaries and Insurance Intermediaries
By the end of January 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 382 from individuals by the end of January 2017, compared to 53 companies and 392 loss adjustors at the same period last year.
By the end of January 2017, the number of insurance companies was 62 insurance and re-insurance companies compared to 55 companies in the same period last year. Meanwhile, the number of insurance intermediaries (natural person) is 8348 insurance intermediaries by the end of January 2017 compared to 7940 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 January 2017 , EFSA received 46 complaints related to insurance companies and private insurance funds compared to 37 complaints during the same period last year representing an increase by 24%. 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 26%, 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 (20 complaints) representing 95% of total complaints.