The Egyptian insurance market posted net profit of EGP4.7bn ($299m) for the financial year ended 30 June 2019 (FY2019), according to the annual report on the insurance sector released by the Financial Regulatory Authority last week.
Net profit increased by 29.3% in FY2019 compared to the EGP3.7bn chalked up for the previous financial year, reported Al Mal citing data from the annual publication.
The insurance sector generated total premiums of EGP35.2bn in FY2019, representing growth of 19.3% compared to the previous year.
Insurance companies paid EGP18.3bn in benefits and compensation in FY2019, 19% higher than in FY2018.
In recent years, the FRA has been actively promoting digitalisation and online operations. The number of insurers which received FRA approval to issue insurance policies in electronic form was 16 in FY2019, taking the cumulative number of companies with such approvals to 35.