Egypt: Medical premiums up 27% to US$130 mln
Source: Middle East Insurance Review | Mar 2015
Non-life insurers in Egypt reported total medical insurance premiums of nearly EGP1 billion (US$131.1 million) for the fiscal year ended 30 June 2014, according to data from the Egyptian Financial Supervisory Authority (EFSA).
The insurers reported medical premiums totalling EGP934 million for FY2013/14 compared to EGP735 million for the previous financial year, reported Al Mal News citing the EFSA statistics. Bupa Egypt topped the list of insurers in terms of health premiums of EGP408.7 million for FY2013/14, up 23% y-o-y and representing the biggest market share of 43.8%.
State-owned Misr Insurance Company ranked second with medical premiums of EGP365.4 million, representing a market share of 39.1%. It grew faster than Bupa Egypt, reporting a 43.5% increase in health premiums for FY2013/14 from EGP254.6 million for the previous financial year.
Rounding up the top five health insurers in FY2013/14 were Delta Insurance, Arab Orient Takaful Insurance and Suez Canal Insurance.
Egypt’s Ministry of Health has put forward a plan for a new social insurance system for healthcare that would cover 70% of Egyptians by 2016, with the private sector contributing 20% of coverage.
EGP1 = US$0.13