Egypt: Technical loss rate narrows on higher premiums in 1H

Source: Middle East Insurance Review | Nov 2019

Technical loss rates for Egyptian life and property insurers fell by nearly six percentage points to 24.8% for the first half of 2019, compared to 30.5% for the same period last year.

The technical loss rate of life insurers fell by 4.3 percentage points to 18% in 1H2019, reported Al Mal News.

According to official statistics issued by the Egyptian Financial Regulatory Authority, the 39 insurers operating in the market collected EGP27.8bn ($1.7bn) in premiums in 1H2019 compared to EGP20.6bn in the corresponding period last year, an increase of 35%.

Life insurers posted premiums of EGP19.9bn, representing 71.6% of the total market share in 1H2019, while property insurers reported premiums of EGP7.9bn, or 28.4% market share.

Claims paid by the insurance sector increased by 23.4% to EGP7.9bn in the first half of this year. Property insurers paid a compensation bill of EGP4.2bn or 53.2% of total payouts, whereas life insurers paid out EGP3.7bn. M

EGP1 = $0.06

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.