Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) stated Thursday that insurance premiums rose in the first seven months this year by 28.7% year-on-year to EGP 13 billion from EGP 10.1 billion.
Insurance premiums on life stood at EGP 9 billion by the end of July 2017, higher 41% year-over-year from EGP 6.5 billion, the statement revealed.
Insurance premiums on properties increased 7.4% during the same period to reach EGP 3.9 billion from EGP 3.6 billion for the year-ago period.
Automotive premiums registered the largest market share of property insurance with a 29% growth, following by fire insurance (18%), medical insurance (18%) and accident insurance (12%).
Total insurance compensation funds went up to EGP 2.6 billion in the first seven months, compared with EGP 2.3 billion for the prior-year period.
Compensations in the automotive sector registered the biggest share with EGP 727 million, while medical, fire and aviation compensations reached EGP 544 million, EGP 448 million and EGP 270 million.
Earlier, Moody's Investors Service expected the Egyptian insurance market to witness strong premium and profit growth in the coming 12-18 months, backed by the country's ongoing economic recovery.
