EGP 70B in total premiums collected by insurance companies in 2023: FRA

During the fiscal year 2022/2023, the total premiums collected by insurance companies reached EGP 70 billion up from LE 56.2 billion in FY2021/2022 EGP 56.2 billion, representing a growth rate of 24.7 percent.

 

This came during the participation of Chairman of Financial regulatory authority (FRA), Mohamed Farid at the 3rd Microinsurance Conference.

 

Moreover, the compensation paid to insurance company clients also experienced a rise in FY 2022/2023 to reach LE 33.6 billion, compared to LE 27.3 billion in FY 2021/2022, an increase of 23.0 percent.

 

Additionally, the net assets of insurance companies witnessed a surge of 35.4 percent, reaching LE 242.2 billion during FY 2022/2023, compared to LE 178.9 billion in FY 2021/2022, according to Farid's statements.

 

Furthermore, insurance companies' net investments saw a growth of 36.2 percent in FY 2022/2023, to record LE 208.9 billion, compared to LE 153.4 billion in FY 2021/2022, indicating a growth rate of 36.2 percent.