The two government insurance companies, Misr Insurance and Misr Life Insurance, have topped the list of the five biggest companies in Egypt’s insurance market in terms of premiums collected in January and February 2021.
In addition to the two companies, which are both affiliated with the public business sector, the list included three companies belonging to the private sector, namely: Allianz Life Insurance – Egypt; AXA Life Insurance – Egypt; and MetLife Life Insurance.
The 37 insurance companies that belong to the private sector acquired 62.5% of the total premiums collected during January and February, at a value of EGP 4.75bn.
Official data issued by the Financial Regulatory Authority (FRA) show public business sector insurance companies acquired 37.5% of the total premiums collected during January and February, at a value of EGP 2.8bn. These companies were represented by Misr Insurance and Misr Life Insurance.
Insurance companies have managed to achieve high growth rates in their collected premiums during January and February, at a rate of 18.6%. This rose up to EGP 7.6bn, compared to EGP 6.4bn year-on-year (y-o-y).
The insurance premiums collected in January and February 2021 were EGP 3.6bn for property and liability insurance companies, compared to approximately EGP 4bn for life insurance companies and fund-raising.
On the other hand, the compensation and claims bill paid by insurance companies in January and February amounted to EGP 3.2bn and EGP 3209.4m, respectively. This compared to EGP 3.3bn and EGP 3238.5m respectively collected in the corresponding two months of 2020, reflecting a decrease of 0.9%.