Egyptian insurance market gains LE 20B in FY 2016/17

CAIRO – 04 July 2017: Total premiums of the Egyptian insurance companies exceeded LE 20 billion ($1.12 billion) in the fiscal year 2016/17, up LE 2 billion year-on-year, an insurance expert told Egypt Today Tuesday.

Ahmed Arfeen added that the volume of the insurance companies’ investments amounts to LE 70 billion in the current year, compared to LE 57 billion last year.

New and current life insurance premiums increased 44 percent to reach LE 7.2 billion in the first four months of this year compared to LE 5 billion in the same period of the previous year, according to the Egyptian Financial Supervisory Authority (EFSA).

Moreover, new and renewed property insurance premiums hiked 87 percent year-on-year to LE 4.3 billion during the period.