Insurance Premiums Post EGP 369.4 Mln In April: EFSA
Published Thursday, 26 July 2012 16:18 | Written by Sherine Taha
The Egyptian Financial Supervisory Authority (EFSA) revealed the results of insurance companies in April as they posted EGP 369.4 million as underwritten premiums and paid compensations of EGP 445.6 million in life and property sectors.
15,200 insurance policies worth EGP 33.1 million were signed in April, compared to 26,000 insurance policies worth EGP 38.2 million were signed in March. There were 183,000 property insurance policies signed in April with premiums of 336.3 million, compared to 254,000 property insurance policies signed in March with premiums of EGP 129.3 million. Property insurance policies accounted for 92.3% of the number of policies signed in April and property premiums accounted for 91% of the number of premiums collected in April.
Compulsory vehicle insurance accounted for 72.9% of the number of policies issued in April and fire insurance accounted for 11.2% of the same number.
Supplemental vehicle insurance premiums accounted for 74.6% of the total value of premiums collected in April and compulsory vehicle insurance premiums represented 9.5% of the same value of premiums.
Paid personal insurance claims reached EGP 164,000 representing 92.8% of the total claims paid in April. Personal insurance compensations paid in April reached EGP 161 million, representing 57% of the total paid compensations in the same period, down from EGP 212.9 million of compensations paid in March. Paid insurance compensations reached EGP 121.4 million in April, compared to EGP 232.7 million in March.
Supplemental car insurance claims registered 62.1% of the total number of claims paid in April, while medical insurance claims stood at 28.3% of the claims paid in the same period. Fire insurance paid compensations accounted for 36.2% of the total value of compensations paid April Supplemental car insurance compensations accounted for 32.9% of the same value.
There were 5193 cancelled personal insurance policies and 10155 cancelled property insurance policies in April. Cancelled property insurance registered 77.2% of the total number of policies cancelled in April.