•Sherif Samy: Life insurance premiums increased by 78% and property insurance by 37%
• 2.9 billion pounds was the amount of property and life insurance compensations within the first quarter of 2017.
• The largest compensations are found in supplementary car insurance, followed by medical and aviation insurance.
• 8 private insurance funds were listed and one private fund was delisted by the end of April 2017
Sherif Samy announced that life insurance premiums (new and existing) amounted to 5 billion pounds within the first quarter of 2017. While it was 3.7 billion pounds in the same period in 2016, with an increase by 37%. While new issuances of the property insurance witnessed a growth by 78 % in the same period, achieving 3.2 billion pounds, compared to 1.8 billion pounds in the same period of 2016.
EFSA’s Chairman asserted that supplementary car insurance was on the top of property insurance by 21.5% within the first 3 months of 2017, and then comes fire insurance by 18% and petrol insurance by 11.6 % then accidents by 10.3%.
EFSA’s Chairman added that total compensations in property insurance were amounted to 1.4 billion pounds compared to 1.1 billion EGP within the first quarter of 2016. Whereas, compensations in life insurance which was amounted to 1.5 billion pounds within March 2017 compared to 1.46 billion EGP last year.
EFSA’s Chairman added that the largest compensations were found in supplementary car insurance amounted to 359 million pounds, followed by medical insurance which was amounted to 327 million pounds and then aviation by 322 million pounds and at the fourth place fire insurance achieving 111 million pounds.
Within the first three months of 2016, the total number of canceled insurance policies was increased from 82 thousand insurance policies to 94 thousand insurance policies within the first three 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 74.5%.
The Department of Inspection held 72 desk and field inspections within the first four 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 37 studies related to reinsurance companies and it held 8 periodical inspections on Insurance Companies.
Private insurance funds
EFSA’s Chairman noted that within the first four months of 2017, 8 private insurance funds were listed, besides amending the statute regulation of 58 funds and delisting of 2 funds.
Also, EFSA approved investments of private insurance funds which were estimated by 4 billion Pounds. These investments included investments’ certificates, deposits, treasury bonds and governmental bonds.
Actuaries and Insurance Intermediaries
By the end of April 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 392 from individuals by the end of April 2017, compared to 53 companies and 393 loss adjustors at the same period last year.
By the end of April 2017, the number of insurance companies was 67 insurance and re-insurance companies compared to 57 companies in the same period last year. Meanwhile, the number of insurance intermediaries (natural person) is 8404 insurance intermediaries by the end of April 2017 compared to 7994 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 four months 2017, EFSA received 162 complaints related to insurance companies and private insurance funds compared to140 complaints during the same period last year representing an increase by 16%. 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 90% of total complaints.