The life insurance premiums have increased by 24% on a year on year (YoY) basis during the first quarter (Q1) of 2015, reaching EGP 2.6bn compared to EGP 2.1bn in Q1 2014, the Egyptian Financial Supervisory Authority (EFSA) stated Wednesday.
Insurance premiums on properties inched up by 1.6%, increasing from EGP 1.6 in Q1 2014 to EGP 1.7 in Q1 2015.
Compensations for properties paid during Q1 2015 totalled EGP 1bn, compared to EGP 793m in Q1 2014.Compensations for life insurances reached EGP 993m, compared to EPG 862m for the corresponding period last year.
The largest growth registered was in the field of automotive insurance, which surged by 26% YoY. The increase in property insurance in the automotive sector reached 36%, while insurance against fire increased by 15%. Medical insurance increased by 12%, the EFSA highlighted.
Compensations in the automotive sector reached EGP 281m, while compensations for fire reached EGP 215m. Medical compensations totalled EGP 210m.
Cancelled insurance documents also increased during Q1 2015 when compared to the same period last year, rising from 61,000 to 66,000. Around 74.4% of the cancelled insurances were properties insurances, while 25.6% were life insurances.
Chairman of the EFSA said that the number of actuaries registered until April 2015 reached 32, compared to 28 during the same period last year. Inspectors and damage assessment experts totalled 410 individuals and 49 companies. In Q1 2014, there were 46 inspecting companies and 506 damage assessment experts.
The EFSA mentioned that it received 159 complaints until the end of March 2015, compared to 163 complaints during the corresponding period last year.