Egypt – EGP 5 billion increase in insured properties
Thursday, 08 17 2017, Category: Insurance and Reinsurance, Country: Egypt
The value of the insured properties in the Egyptian property market increased by EGP 5 billion over the first 5 months of the current year as a direct result of the decision of the central bank to “liberalize” the exchange rate on November 3rd. Therefore, the insured assets increased from EGP 6.1 billion to EGP 11 billion due to the change in the market value of the insured interest. Thus, this lead to a large increase in premiums.
The monthly report of the Egyptian Financial Supervisory Authority clarified that property insurance premiums reached EGP 5.2 billion compared to EGP 2.8 billion in the previous period i.e. 85% increase over the same period.
Source: Al Mal News