Eight Egyptian insurers witness capital increase

In compliance with the new law on minimum capital, eight Egyptian insurance companies ; Misr Takaful, Suez Canal Life, Suez Canal P&C, Mohandes Insurance, Mohandes Life, Delta Insurance, Royal Insurance and Egyptian Takaful have increased their capital.

The Financial Regulatory Authority (FRA) has set the new minimum capital requirements as follows :

• The minimum capital of life and non-life insurers will be raised to 150 million EGP (9.29 million USD);
• The capital of non-life insurers covering oil or aviation risks will be set at 300 million EGP (18.57 million USD);
• The minimum capital of health insurance shall be established at 60 million EGP (3.71 million USD) ;
• The minimum capital of reinsurance activities will be set at 1 billion EGP (61.7 milliards USD)
• The minimum capital insurance and reinsurance brokerage shall rise from 2 million EGP (0.12 million USD) to 5 million EGP (0.31 million USD) ;

The current capital of life and non-life companies is set at 60 million EGP (3.71 million USD). For the record, there are about thirty insurance companies in Egypt.