Africa News - Egypt: US$2 bln expected in total premiums in 2015
Source: Middle East Insurance Review | Dec 2015
Egypt is expected to see total premiums of EGP16 billion (US$2 billion) this year, 14% higher than the EGP14 billion collected in 2014, said Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA).
In the first eight months of 2015, insurance companies in Egypt posted a growth rate of 17.7% in premiums to EGP11.42 billion, Mr Samy said in a statement.
Life premiums totalled EGP7.5 billion by the end of August 2015, compared to EGP5.6 billion for the first eight months of the 2014 calendar year, an increase of 32.7%. Non-life premiums increased marginally by 0.3% from January to August this year to EGP4.12 billion, compared to EGP4.1 billion for the corresponding period last year.
The motor business took the largest share of the non-life sector during the first eight months of 2015 at 27.5%, followed by fire (16.8%) and health (15.9%).
Takaful contributions during the first eight months of this year was 12% of the total insurance market in Egypt. Family takaful contributions amounted to EGP804 million, while general takaful contributions totalled EGP610 million for the period.
The number of insurance companies in Egypt stands at 32, including eight takaful operators.
EGP1 = US$0.13