Insurance companies (life and property) in Egypt posted underwritten premiums of EGP 237 million in February, and paid compensations of EGP 245 million in the same period, according to the Egyptian Financial Supervisory Authority (EFSA).
The number of personal insurance policies signed in last February reached 106,000 with value of about EGP 368 million, up from 9,500 policies with value of EGP 30.1 million in January. Property insurance policies reached 189,200 policies with volume of premiums of EGP 200.2 million in February, up from 184,100 polices with volume of premiums of EGP 108.8 million in January. Property insurance policies stood at 94% of the total number of policies signed in February. Property insurance sector posted premiums of 84.5% of the total premiums collected in February.
Compulsory car insurance policies account for 74.5% of the total issued policies in February and supplemental car insurance policies represent 9.3% of policies issued in the same period.
Fire insurance sector posted 28.9% of the total number of premiums collected in February and supplemental car insurance posted 24.9% of the premiums collected in the same period.
Paid personal insurance claims reached EGP 183,700, representing 88.4% of the total claims paid in February. Personal insurance compensations paid in February reached EGP 82.3 million, representing 33.8% of the total paid compensations in the same period, down from EGP 92.4 million of compensations paid in January. Paid property insurance claims reached EGP 23,900 and compensations paid in February reached EGP 161.2 million, compared with EGP 193.9 million in January.
Supplemental car insurance claims registered 57.1% of the total number of claims paid in February, while medical insurance claims stood at 33.5% of the claims paid in the same period.
Supplemental car insurance compensations account for 49.5% of the total compensations paid in February and medical insurance compensations represent 17.1% of the compensations paid in the same period.
There were 3498 cancelled personal insurance policies and 13234 cancelled property insurance policies in February. Cancelled property insurance registered 79.1% of the total number of policies cancelled in February.
