Egypt: Life sector hits record 1H premiums of $856 mln
Source: Middle East Insurance Review | Oct 2016
Life premiums in Egypt jumped 41% to a record EGP7.6 billion (US$855.8 million) from January to June, while non-life premiums rose by 7% to EGP3.4 billion, said Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority.
Overall, the Egyptian insurance industry reported an increase of 28% in gross premiums to EGP11 billion for the first half of 2016 compared to EGP8.6 billion for the same period last year.
Total claims increased by 28% in the insurance industry to EGP5 billion in the first six months of this year. Mr Samy said that the total compensation paid by property insurers amounted to EGP2.4 billion in the first half of the year, 20% higher than the corresponding period last year, while life insurers paid compensation totalling EGP2.6 billion in the first half of 2016 compared to EGP1.9 billion for the same period the previous year.
Insurance premiums in the Egyptian market jumped to EGP17.9 billion for the full year in 2015, a growth of 25.2% compared with EGP14.3 billion in 2014.
EGP1 = US$0.11