Africa News - Egypt: Premiums up 13% in FY2014-2015
Source: Middle East Insurance Review | May 2016
GWP in Egypt grew by 12.5% to EGP16.2 billion (US$1.83 billion) in FY2014-2015, compared to EGP14.4 billion in the preceding financial year, according to the Egyptian Financial Supervisory Authority (EFSA).
It said in a statement that the life business grew at a faster pace of 16.8%, compared to 9% for general lines.
Mr Sherif Samy, Chairman of EFSA, said however at the FAIR Life Forum in Cairo in April that the life business is not growing as expected, attributing its outstanding performance partly to the slower growth in non-life.
He added that EFSA has been strengthening the legislative environment for the insurance industry by issuing a number of regulations, such as those revising the role of the disputes regulations committee, amending the brokers’ code of practices and organising operations with foreign reinsurance brokers. EFSA has also made efforts to work with the Central Bank and Post Office Authority to encourage the growth of bancassurance products.
Total investments for the year increased to EGP52.4 billion against EGP48.6 billion in the previous year, an 8% increase. Net investment income increased by 2.1% to EGP4.8 billion.
EGP1 = US$0.11