News Middle East15 Jun 2020

Egypt:Insurance sector grows by double digits in 1Q despite COVID-19

15 Jun 2020

Insurance companies operating in Egypt posted premiums of EGP9.43bn ($583m) during the first quarter of this year, marking a 15.6% growth over the corresponding quarter last year, in spite of the COVID-19 pandemic.

First-quarter commercial insurance premiums rose 7.3% to EGP7.75bn from EGP7.22bn during the same period of 2019, reported Amwal AlGhad reported, citing a monthly report issued by the Financial Regulatory Authority (FRA).

Takaful companies in the country posted contributions of EGP1.67bn during the first three months of this year against EGP926.9m in 1Q2019. This was an 80.6% surge year-on-year.

The first confirmed case in Egypt was announced on 14 February 2020.

 

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