Insurance companies paid out a total of EGP 489.5m in claims during the month of December 2012. The amount of individual paid claims totalled 51.7% of all claims, valued at EGP 252.9m, compared to EGP 236.6m paid in property claims during the same month.
A monthly report released by the Egyptian Financial Supervision Authority stated that car insurance made up 31.5% of all paid claim, totalling EGP 74.6m, while petroleum claims made up 26% of all claims, totalling EGP 61.6m.
The report stated that requests for personal insurance claims made up 85.1% of all submissions, and 87.3% of those paid.
Medical insurance claims made up a total of 45.6% of the market, while car insurance made up 44.9%, the latter of which totalled 51.1% of all paid claims for the month of December. Medical insurance claims totalled 40.5% of all paid claims for the month of December.
Insurance companies took in a total of EGP 255m in premiums in December compared to EGP 198.9m for November. Of this, 70.2%, or EGP 179m, consisted of property insurance claims, compared to EGP 135m for individual claims.
The report further stated that 306,300 documents were released by insurance companies in December 2012 as opposed to 257,500 in November 2012. Of these, 86,000 were for life insurance claims, with the remaining 220,000 related to property insurance.
Mandatory car insurance made up a total of 72.4% of all bills released in December 2012, with supplemental car insurance totalling 10.9%. Supplemental car insurance, however, represented 33.8% of all premiums, totalling EGP 60m, with mandatory car insurance totalling 17.5% of premiums at EGP 31.4m.