Egypt: Premiums grow 12%

Source: Middle East Insurance Review | Apr 2015

Egypt market premiums reached EGP14.4 billion (US$1.9 billion) for the fiscal year ended 30 June 2014, according to the Egyptian Financial Supervisory Authority (EFSA). The figure represents an increase of 12.2% over that for the 2012/13 fiscal year.

EFSA said in a statement that profits for the insurance industry reached EGP1.6 billion for FY2013-14, almost double the EGP810 million for the previous financial year. Non-life insurers reported gains of EGP1.07 billion, while life insurers chalked up profits of EGP550 million.

Claims paid totalled EGP7.3 billion, up by 5% from the previous year.

EFSA is now considering amending the insurance law, which includes developing a separate legislation specifically for takaful.

EGP1 = US$0.13

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