Egypt – Insurance capital increases to cope with inflation
Wednesday, 01 18 2017, Category: Insurance and Reinsurance, Country: Egypt
The directors of insurance companies said that injecting new capital increases in the insurance sector became an urgent necessity in order to support financial solvency in light of the increases in the insured value of assets. This follows the decision of the central bank to liberalize the exchange rate of the Egyptian pound last November.
A number of the general assemblies of the boards of insurance companies decided to raise their capitals toward the end of last year. The general assembly of “Arab Misr Group” decided to raise capital to EGP 225 million compared to EGP 175 million currently. “Suez canal” also decided to raise capital from EGP 140 million to EGP 150 million.
Additionally, “Delta” decided to raise capital to EGP 100 million compared to EGP 90 million currently. “House Insurance” raided capital to EGP 140 million instead of EGP 120 million currently. “Wethaq” decided to raise capital to EGP 90 million compared to the current level of EGP 75 million.
Source: Al Borsa News