Insurance companies operating in Egypt posted a surplus of EGP14.6bn ($289m) in the financial year ended 30 June 2024 (FY2024) from operations, according to Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA). This result represents an increase of 49.3% over the EGP9.8bn reported for FY2023.
Speaking at a media conference last week, Dr Farid said that the total insurance premiums chalked up by the insurance industry grew by 34.2% in FY2024 to EGP82.3bn compared to EGP61.4bn in FY2023.
The total compensation paid by insurance companies in FY2024 rose by 34.2% to EGP36.7bn compared to EGP27.3bn in FY2023.
The annual inflation in Egypt fell to 28.3% in 2024, down from 33.9% in 2023, according to data from the Central Agency for Public Mobilisation and Statistics.