The FRA reported in January, that consumer finance companies provided EGP 43.32 billion to customers during the period from January to November 2023, compared to EGP 26.84 billion during the same period in 2022, a growth of 61.4%
The total premiums collected by insurance companies amounted to EGP 70 billion during FY 2022/2023, compared to 56.2 billion pounds during FY2021/2022, with a growth rate of 24.7%, Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid, announced during his participation at the 3rd Microinsurance Conference.
Additionally, compensation paid to insurance company clients amounted to EGP 33.6 billion during FY 2022/2023, compared to EGP 27.3 billion during FY2021/2022, an increase of 23.0%.
The net assets of insurance companies increased to EGP 242.2 billion during FY 2022/2023, compared to EGP 178.9 billion during FY2021/2022, an increase of 35.4%, according to Farid’s statements.
Insurance companies' net investments increased to EGP 208.9 billion during FY 2022/2023, compared to EGP 153.4 billion during FY2021/2022, an increase of 36.2%.
Earlier in January, FRA issued a decision to raise the maximum amount of micro-insurance by 10%, to reach EGP 242 thousand up from EGP 220 thousand.
The FRA reported in January, that consumer finance companies provided EGP 43.32 billion to customers during the period from January to November 2023, compared to EGP 26.84 billion during the same period in 2022, a growth of 61.4%.
The total investments of private insurance funds in Egypt reached EGP 22.5 billion during the period from January to November of 2023, compared to EGP 18.4 billion during the same period of 2022, with a growth rate of 22.7%, according to FRA’s report in January.
Additionally, the volume of insurance fund investments during November alone amounted to EGP 2.3 billion, compared to EGP 1.8 billion, a growth rate of 29%.
