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Egypt: Insurance premiums up 11.1%

June 11, 2014 - 6:00am

Total insurance premiums in Egypt increased 11.1% to 10.1 billion Egyptian pounds ($1.44 billion) for the nine months from Jun. 30 2013 to Mar. 31 2014, Mohamed Moeit, deputy chairman of the Financial Supervisory Authority, said.

Net profits of insurers declined by 1.2% to EGP 1.07 billion ($153.5 million), Egypt Independent reported.

Mr. Moeit said the industry has achieved growth despite the weak economy.

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