Non-bank mortgage finances leaped by 172.5 per cent to LE11.69 billion in the first half (H1) of 2024, up from LE4.29 billion in the same period a year ago, according to data from the Financial Regulatory Authority (FRA).
Non-bank mortgages are pumped by real estate financing companies licensed by FRA.
Clients with a monthly income exceeding LE3,500 topped non-bank mortgages with a LE11.65 billion in 2024 H1, accounting for 99.6 per cent of finances. Clients with LE2,500-LE3,500 incomes accounted for 0.2 per cent, or LE23.5 million, of finances between January and June.
Clients with a monthly income of LE2,500 or lower accounted for 0.17 per cent, or LE20.6 million, of finances, according to FRA data.
Non-bank mortgage refinancing leaped by 383.8 per cent to LE2.19 billion in 2024 H1, compared to LE453.7 million in 2023 H1. Mortgage refinancing is a transaction where a homeowner replaces their existing mortgage with a new one to take advantage of better terms or interest rates.
Non-bank mortgage contracts jumped by 127.3 per cent to 5,331 in 2024 H1, against 2,345 in the same period a year earlier, according to FRA data.
Non-bank mortgages rose by 370 per cent to LE4.683 billion in June 2024, up from LE996.4 million in the same month a year earlier. Non-bank mortgage refinancing soared by 744.7 per cent to LE540.6 million, against LE64 million, according to FRA data.
Paid insurance claims jump 26.1% in H1
Domestic paid insurance claims leaped by 26.1 per cent, year-on-year, to LE20.02 billion in the first half (H1) of 2024, LE15.8 billion on the same period a year ago according to FRA data.
Paid commercial claims jumped by 26.7 per cent, year-on-year, to LE18.05 billion in 2024 H1, compared to LE14.2 billion in 2023 H1.
Takaful claims leaped 20.6 per cent, year-on-year, to LE1.96 billion in 2024 H1, up from LE1.6 billion in 2023 H1, according to FRA data.
Paid life claims rose by 5.2 per cent, year-on-year, to LE10.3 billion in 2024 H1, up from LE9.8 billion in 2023 H1, according to FRA data.
Paid non-life claims surged 60 per cent to LE9.7 billion in 2024 H1, against LE6.06 billion in the same period a year earlier.
Global digital insurance to jump 13.8%
Global digital insurance is expected to rise 13.8 per cent, year-on-year, to $156 billion by 2028, up from $81.7 billion in 2023, Insurance Federation of Egypt (IFE) said in its weekly bulletin.
The IFE bulletin said developing landscape of technological solutions designed specifically for the insurance sector has boosted the digital insurance platforms worldwide.
Insurance digital platforms rely on digital technologies, i.e. artificial intelligence, machine learning, blockchain, and cloud computing. These state-of-the-art technologies provide insurers with comprehensive tools to manage coverage, claims, underwriting and distribution channels in an interconnected digital environment.
Digital insurance provides efficient and convenient ways for individuals and businesses to manage risks. It enables faster policy issuance, claims processing, and customer service through online platforms and mobile apps.
Moreover, digital insurance promotes innovation in product offerings and pricing strategies, leading to a more competitive market that benefits consumers.
