FRA reviews figures of insurance activity in Egypt during 2021

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Tue, 18 Jan 2022 - 12:59 GMT

BY

Tue, 18 Jan 2022 - 12:59 GMT

Insurance - Creative Commons via Wikimedia

Insurance - Creative Commons via Wikimedia

CAIRO - 18 January 2022: Head of the Egyptian Financial Regulatory Authority (FRA), Mohamed Omran, reviewed the indicators of insurance activity and private insurance funds during 2021.

 

Omran explained, during a conference held, Monday, that the total insurance premiums during 2021 rose to LE 47.5 billion, compared to LE 40.1 billion during 2020, marking an increase of about 18.5 percent.

 

He added that the value of the total compensation paid by insurance companies during 2021 rose 24.5 percent to LE 23.4 billion, compared to LE 18.8 billion during the previous year.

 

The value of the total rights of policyholders of insurance companies increased at the end of 2021 to reach LE 88.3 billion, compared to LE 77.4 billion in the previous year, with an increase of about 14.1 percent.

 

The total value of insurance companies’ investments also increased 22.1 percent at the end of the fiscal year 2021 to reach LE 131.5 billion, compared to LE 107.7 billion at the end of the previous fiscal year.

 

While the value of the net assets of insurance companies increased at the end of the fiscal year 2021 to reach LE 152.9 billion, compared to LE 128.5 billion in the previous year, with an increase of 19 percent.

 

The head of the FRA noted that the estimated value of private insurance funds' investments rose to LE 102.3 billion at the end of 2021, compared to about LE 85.6 billion at the end of the previous year, with a growth rate of about 19.5 percent.

 

The total amount of insurance coverage amounted to LE 10.1 trillion during the fiscal year 2021, compared to LE 8.1 trillion during the fiscal year 2020, with an increase rate of 24.8 percent.

 

While the value of insurance coverage on property and responsibilities amounted to LE 5.1 trillion during the 2021 fiscal year, compared to LE 4.7 trillion during the 2020 fiscal year, an increase of 8.4 percent.

 

The value of insurance amounts for life insurance policies also rose to LE 973.1 billion during the 2021 fiscal year, compared to LE 858.3 billion during the 2020 fiscal year, marking an increase of 13.4 percent.

 

The value of insurance coverage amounts for medical and accident insurance policies rose 60.1 percent, to LE 4 trillion pounds during the fiscal year 2021, compared to LE 2.5 trillion during the 2020 fiscal year.


 

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