The Minister of Public Enterprise Sector, Hesham Tawfik, announced that the total net investments portfolio of the insurance companies in Egypt reached EGP 86bn in the Fiscal Year (FY) 2017/18, up from EGP 60bn in FY 2016/17, a growth of 43%. Tawfik continued during his speech in the ‘Sharm El-Sheikh Insurance, Reinsurance Rendezvous’ that insurance premiums reached EGP 24bn during the last FY, an increase of 32% if compared to the previous year. “The number of claims paid by insurance companies during the same aforementioned period recorded EGP 13bn, compared to EGP 7bn in FY 2012/13,” the minister announced. In those terms, he noted that there are discussions to oblige the companies operating in the financial sector, whether in banking or non-banking sectors, including insurance companies. He stressed reconsidering the maximum amount deducted from the tax in exchange for insurance premiums, asserting the importance of the government support for the insurance sector.

Source: Daily News Egypt October 29, 2018 19:41 UTC