First indications showed that Royal Insurance Company’s premiums posted a growth rate of 15% in FY 2011/2012.
This rate is relatively high as compared to the low growth rates posted by insurance companies in the Egyptian market due to the political and economic turmoil, said Tarek Gabr, head of compensation department at the company.
The value of compensations paid by the Company reached EGP 84 million in the last fiscal year, up from EGP 60 million in FY 2010/2011, with an increase of 40%.
Gabr attributed the high paid compensations to the turmoil the country passed through in the last fiscal year. Car insurance sector witnessed the highest volume of compensations due to the high rate of stolen cars in the last period, he noted.
It is worth mentioning that Royal Insurance Company paid compensations of EGP 27 million in Q3 of FY 2011/2012.
