Egypt: Premiums surged 32% to $2.7bn in 2018
Source: Middle East Insurance Review | Mar 2019
Insurers in Egypt posted total premiums of EGP46.7bn ($2.7bn) in 2018, a growth of 32% compared to EGP35.5bn in 2017, according to data from the Financial Regulatory Authority (FRA).
Total premiums of property insurance companies amounted to EGP14.1bn in 2018, growing 15% y-o-y from EGP12.3bn in 2017.
Life insurers outpaced their non-life counterparts as the former posted total premiums of EGP32.6bn in 2018, compared to EGP23.1bn in 2017, growing 41% y-o-y.
Insurers paid a total of EGP13.9bn in compensation or benefits to their clients last year, compared to EGP11.7bn in 2017. Non-life insurers paid out EGP7.1bn in 2018, 40% higher than in 2017, while life insurers paid compensation of EGP6.8bn last year, 2.3% higher than in 2017. M
EGP1 = $0.06