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