Africa - Egypt: Medical insurance up 30% to US$243 mln in FY2014-15
Source: Middle East Insurance Review | Feb 2016
Medical insurance premiums in Egypt increased by 30% to reach EGP1.9 billion (US$242.6 million), for the financial year ended 30 June 2015 compared to the previous fiscal year, accounting for 11.7% of the total the insurance sector in FY2014-15.
Disclosing the data at a conference, Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA) added that total premiums amounted to EGP16.2 billion for FY2014-15, 13% higher compared to FY2013-14, according to local media reports.
He noted that medical insurance is the fastest-growing branch in the Egyptian insurance market, and called on insurers to achieve a balance between attaining reasonable profits and maintaining the quality of medical services.
He also said that debate should be widened over the Egyptian government’s plan to provide comprehensive health insurance to the poorest segment of the population, and called for the publication of a booklet on questions and answers on the proposed scheme.
A Bill on the medical insurance scheme, which will be presented to lawmakers, provides for full coverage to those individuals who receive less than EGP375 per month and families of five members who receive less than a combined EGP1,550 per month.
The debate over the scheme has centred on funding, the population to be covered, oversight mechanisms and the public hospital infrastructure which is already under strain.
EGP1 = US$0.13