The non-life insurance (property) insurance companies in Egypt achieved premiums worth EGP12.4bn during the first 11 months of 2018 (11M18), up from EGP11bn during the same period last year, a 12% growth, according to the Financial Regulatory Authority’s (FRA) latest report.
Meanwhile, the report stated that life insurance companies in Egypt achieved premiums worth EGP28.2bn during the period from January to November 2018, compared to EGP21bn during the comparative period last year, an increase of 34%.
On the other hand, the FRA declared that the total paid claims for the customers of the non-life insurance companies amounted to EGP6.4bn during the same period, versus EGP4.6bn during the first 11 months last year, a hike of 39%.
Furthermore, the total paid claims for the customers of the life insurance companies increased by only 1%, to record EGP 6.2 bn during the period from January to November 2018, compared to EGP6.1bn in the same period of 2017.
Notably, the contribution of limited insurance to Egypt’s GDP is still very limited, representing only 1.1%. Meanwhile, Egypt is taking steps to increase this number.
On that note, Alaa El- Zoheiry, chairperson of the Insurance Federation of Egypt (IFE) and managing director of Arab Misr Insurance Group (GIG), told Daily News Egypt earlier in the beginning of this year, that the IFE put a four-year plan which focuses on developing the industry and people’s skills. This is in addition to increasing the volume of the premiums and raising insurance awareness, as well as holding several seminars and conferences.
Furthermore, El- Zoheiry elaborated that the IFE, in cooperation with the FRA, targets to double the volume of the premiums in the Egyptian insurance market within a period of three years. Moreover, the IFE seeks, with the FRA, to find compulsory insurance products that suit people’s needs, such as premiums of professional mistakes.