Egypt – EGP 54 million insurance activity deficit
Saturday, 04 08 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Hamed Mahmound, reinsurance general manager at Egyptian Takaful (Property) company and vice-president of the reinsurance committee of the Insurance Federation of Egypt said that the deficit of the insurance activity of insurers excluding investments reached EGP 54 million, indicating that the investments of insurance companies operating in the Egyptian market are the main reason for achieving surpluses in overall results since the surplus reached approximately EGP 96 million whereas the result excluding investments was a deficit of EGP 54 million approximately.
Moreover, he clarified that in case these results continue, they will have a negative impact on agreements with international reinsurance companies. Additionally, Egyptian insurance companies have to follow a sound technical pricing basis and study well risks underwritten.
Source: Al Ahram