"Financial Control": 60% of insurance companies issue documents electronically

Economy and stock exchange

The number of companies with the approval of the Authority for the issuance of electronic documents has reached 60% of the number of companies operating in the market, as part of the support of the Financial Supervisory Authority to transfer the insurance sector to the use of premium technology in the issuance and distribution of standard insurance, Which does not require complicated subscription steps, especially after the addition of personal accident insurance in the documents allowed to be issued electronically.

In the annual report of the Financial Supervisory Authority, Abdul-Moati added that the rate of growth in insurance premiums was 23.4% during 2018 compared to last year. The number of companies operating in this sector reached 37 companies and achieved a total premiums of 30 billion pounds on 30 June 2018 compared to the total Premiums of 24 billion pounds on 30 June 2017, and paid insurance companies total compensation amounted to 15.4 billion pounds compared to 12.9 billion pounds during the comparison period.

The deputy chairman of the Financial Supervisory Authority [EFSA] pointed out that despite the decrease in the surplus of insurance activity for companies at a rate of 23% to LE 3.7 billion compared to last year, which amounted to 4.7 billion pounds, the results of the activities of companies improved over the last four years, Insurance activity: 3.6 billion pounds on June 30, 2018 compared to LE 2 billion on June 30, 2014, which has resulted in attracting more new investments in the insurance market through the establishment of new companies.

As for the net investments of insurance companies, "Abd El-Moaty", it amounted to 99.4 billion pounds on 30 June 2018, a growth rate of 16% compared to last year's investments of 86 billion pounds, while the total rights of policyholders, which represent the obligations of insurance companies towards their customers To EGP 61 billion on June 30, 2018 compared to LE 54 billion on June 30, 2017, a growth rate of 12%, while shareholders' equity in insurance companies reached LE 38 billion on June 30, 2018 with a growth rate of 23.3% Billion pounds on June 30, 2017.

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