The Egyptian Financial Supervisory Authority revealed the results of insurance companies in March as they posted EGP 167.5 million as underwritten premiums and paid compensations of EGP 445.6 million in life and property sectors.
26,000 insurance policies worth EGP 38.2 million were signed in March, compared to 10,500 insurance policies worth EGP 36.8 million were signed in February. There were 254,700 property insurance policies signed in March with premiums of 129.3 million, compared to 189,200 property insurance policies signed in February with premiums of EGP 200.2 million. Property insurance policies accounted for 90.7% of the number of policies signed in March and property premiums accounted for 77.3% of the number of premiums collected in March.
Compulsory vehicle insurance accounted for 62.9% of the number of policies issued in March and fire insurance accounted for 17% of the same number.
Accident insurance premiums accounted for 28.8% of the total value of premiums collected in March and compulsory vehicle insurance premiums represented 24.2% of the same premiums.
Paid personal insurance claims reached EGP 188,000 representing 88.1% of the total claims paid in March. Personal insurance compensations paid in March reached EGP 212.9 million, representing 47.8% of the total paid compensations in the same period, down from EGP 82.3 million of compensations paid in February. Paid property insurance claims reached EGP 25,500 and compensations paid in March reached EGP 232.7 million, compared with EGP 161.2 million in February.
Supplemental car insurance claims registered 55.2% of the total number of claims paid in March, while medical insurance claims stood at 36.1% of the claims paid in the same period.
Supplemental car insurance compensations accounted for 30.7% of the total compensations paid in March and medical insurance compensations represented 17.3% of the compensations paid in the same period.
There were 4745 cancelled personal insurance policies and 16547 cancelled property insurance policies in March. Cancelled property insurance registered 77.7% of the total number of policies cancelled in March.
