Egypt: Total market premiums hit $1-bln mark in FY2015-16
Source: Middle East Insurance Review | Mar 2017
Direct premiums chalked up by insurers exceeded EGP17 billion (US$1 billion) at the end of the fiscal year which ended June 2016, registering a growth rate of 12%, according to the Chairman of the Egyptian Financial Supervisory Authority (EFSA), Mr Sherif Samy. The insurance surplus recorded a growth of 11.6%, reaching EGP2.3 billion.
Investments of insurers exceeded EGP57 billion at 30 June 2016, an increase of 9% compared to 12 months ago, reported Daily News Egypt.
Mr Samy said that there is ongoing cooperation with the Ministry of Interior over compulsory motor third party liability insurance.
During a meeting with insurers, he stressed the importance of developing a compulsory insurance system.
In the meeting, he also discussed the current situation of insurers after the Egyptian pound’s devaluation last November, as well as developments in medical insurance.
EGP1 = US$0.06