Economy and Stock Exchange

The Official Gazette publishes the decision to cancel the license of Med Gulf Insurance

The Official Gazette published the decision of Dr. Muhammad Omran, Chairman of the Financial Regulatory Authority, No. 5 of 2022 regarding the cancellation of the license to fully practice the activity of the Mediterranean and Gulf Insurance Company (Medgulf) and to cancel its registration from the register of insurance and reinsurance companies in the authority.

The first article of the decision, which was published in Gazette No. 107 of 2022, today, Sunday, stipulates that the license granted to the Mediterranean and Gulf Insurance Company (Medgulf) to engage in the activity shall be revoked completely, and its registration shall be canceled from the register of insurance companies and reinsurance companies in the Authority, and the company may not act In its funds as well as the guarantees provided by it, except after following the procedures stipulated in Article 62 of the Insurance Supervision and Control Law in Egypt.

The second article stipulates that the company’s obligations towards its clients from insurance policyholders shall be transferred to the policyholders’ guarantee fund and its beneficiaries with insurance companies under the insurance supervision and control law in Egypt.

According to data from the Financial Supervisory Authority, the value of the collected premiums for property and liability insurances during the period from January to February of 2022 amounted to about 8.4 billion pounds, compared to 7.6 billion pounds during the same period in 2021, with a growth rate of 10.2%.

It was distributed among the premiums collected for property and liability insurances and amounted to 3.7 billion pounds during the period from January to February of 2022, compared to 3.6 billion pounds during the same period in 2021, with a growth rate of 1.8%, and the value of the premiums collected for people and money formation amounted to 4.7 billion pounds during the period from January to February 2022, compared to 3.98 billion pounds during the same period last year, with a growth rate of 17.9%.

The total compensation paid by insurance companies amounted to 4.5 billion pounds during the period from January to February of 2022, compared to 3.2 billion pounds during the same period in 2021, with a growth rate of 40.1%. It was distributed among the compensation paid to property and liability insurances 1.5 billion pounds during the period from January to February From 2022, compared to 1.47 billion pounds during the same period in 2021, with a growth rate of 0.1%, and the value of compensation paid to people and money formation amounted to 3.03 billion pounds during the period from January to February of 2022, compared to 1.7 billion pounds during the same period last year, with a growth rate of 73.8 %.


The decision of the Financial Supervisory Authority

Insurance companies
Insurance companies

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button