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Premiums of insurance companies exceed EGP 17bn at end of last fiscal year: EFSA Samy stressed the importance of developing the compulsory insurance system
The direct premiums for insurance companies exceeded EGP 17bn at the end of the last fiscal year, ending June 2016, registering a growth rate of 12%. The insurance surplus recorded a growth of 11.6% reaching EGP 2.3bn. Head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy said that investments of insurance companies exceeded EGP 57bn—an increase of 9% from last year, including shares worth about EGP 7bn, documents of investment funds of EGP 2.2bn, and bank deposits and investment certificates of nearly EGP 17.5bn. He added that there is ongoing cooperation with the deputy minister of interior for traffic to issue insurance policies for civil liability arising from accidents, known as compulsory insurance. During a meeting with insurance companies in Egypt, Samy stressed the importance of developing the compulsory insurance system. He highlighted the mechanisms of activating micro insurance to achieve financial inclusion, noting that micro insurance policies can be distributed through associations and companies licensed to practise microfinance, as well as the Egypt Post. In the meeting, he also discussed the current situation of insurance companies after the Egyptian pound's flotation, as well as the developments in medical insurance, in light of the new increase in medication prices and healthcare services.
