Insurance companies receive over EGP 14bn in installments in 10 months

Head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami said the new life insurance payouts amounted to 9.6 billion pounds by the end of October 2015 against 6.9 billion in the same period in 2014 with an increase estimated at 38.7 percent.

In statements on Sunday, he said the property insurance witnessed a slight rise valued at 1.1 percent in the same period where it achieved 5 billion dollars against 4.9 billion in the same period last year.

He said automobile insurance installments increased in October 2015 by 28 percent followed by medical insurance which is estimated at 16.2 percent followed by compulsory insurance on cars which increased by 11.3 percent.

The Egyptian Financial Supervisory Authority had said on its website the insurance industry plays a vital role in supporting the Egyptian economy and raising national investments.

It provides financial protection for individuals and projects against different risks. Further, it is a main channel for collecting and using national savings in financing national investments and development plans, making available new job opportunities and alleviating the repercussions of inflation.

Optional private pension funds provide complementary pension for subscribers. Within this framework, the insurance industry needs to invest its resources in medium- and long-term fields that go well with the nature of its obligations, thus creating demand for medium- and long-term finance.

Source: MENA