Egypt: Life premiums increase by 24% in 1Q, surpassing non-life growth
Source: Middle East Insurance Review | Jul 2015
Life insurance premiums in Egypt grew by 24% to EGP2.6 billion (US$340.9 million) for the first quarter of 2015, compared to EGP2.1 billion for the corresponding period last year, according to the Egyptian Financial Supervisory Authority (EFSA).
Property premiums increased by 1.6% during the same period to EGP1.7 billion, compared to EGP1.6 billion in the corresponding period last year. EFSA said supplementary car insurance and marine hull insurance grew by 26% and 17%, respectively, in the first quarter, but did not disclose the premium volume.
At the end of April 2015, there were 47 insurance and reinsurance companies operating in Egypt, compared to 44 a year ago. The number of insurance intermediaries hit 7,738 compared to 6,997 in the same period in 2014.
EGP1 = US$0.13