Cairo – Mubasher: Egypt's insurance industry has shown resilience against the repercussions of the COVID-19 pandemic as insurance companies were able to pay compensation claims via various payment methods, the Chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, said.
The net asset value of 41 local insurance companies increased by 18.8% to EGP 152.8 billion in 2021, compared to EGP 128.6 billion in 2020, Omran revealed in a statement on Monday.
Meanwhile, the insurance activity surplus rose to EGP 6.1 billion by the end of last June, compared to EGP 5.9 billion a year earlier.
Insurance premiums increased to EGP 40.1 billion at the end of 2020 and reached EGP 45.9 billion at the end of June 2021.
Paid compensations grew to EGP 22.4 billion at the end of last June from EGP 18.9 billion in 2020, while net investments of insurance companies rose by 18.7% to EGP 127.8 billion from EGP 107.7 billion.
This came during the third Annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous under the theme of “New Insurance and Reinsurance Trends: Post Covid-19 Opportunities" and the Federation of Afro-Asian Insurers and Reinsurers (FAIR) 27th Conference.
The event brings together more than 800 representatives from insurance and reinsurance companies from over 40 countries.