The Egyptian insurance sector achieved high increase in premiums in the last fiscal year as they reached EGP 10.562 billion at the end of last June, said Alaa El-Zoheiry, managing director of Arab Misr Insurance Group (AMIG). Such increase is relatively good amid the current unrest as the Egypt’s economic growth does not exceed 3%, he noted.
The insurance companies were committed in paying benefits to the beneficiaries in the last period and this increased customers’ confidence in insurers as the value of benefits reached EGP 7.5 billion at the end of FY 2011/2012.
The motor insurance sector paid the largest part of benefits because the car thefts rate has increased, but there is no increase in insurance prices because of the strong competition among insurers, he added.
El-Zoheiry expected variable growth rates among different insurance sectors becuase of the current turmoil. The most affected sectors will be the engineering insurance sector as there will be no new engineering investments or projects as well as cargo marine insurance and tourism insurance sectors.
