Egypt – Strong decrease in life insurance issuance
Wednesday, 02 03 2016, Category: Insurance and Reinsurance, Country: Egypt
The issuance of new life insurance contracts from January until the end of November last year i.e. witnessed a very strong decrease compared the same period last year i.e. year 2014.
The official statistics issued by the Egyptian Financial Supervisory Authority revealed that the number of new policies issued in 2015 was 498,000 compared to 1.724 million policies in year 2014. The decrease was concentrated in group life insurance according to the remarks of the Authority which changed the definition of the number of group policies (from the number of insured into the number of group contracts).
According to the official statistics the number of in-force contracts in personal insurance lines decreased from 34.8 million policies to 12.2 million policies during the past 11 months of year 2015 compared with the same period in year 2014. The decrease in the number of group insurance contracts was concentrated at Misr Life insurance company.
Source: Al Mal News