Egypt: Takaful contributions up by 23% in first half

Source: Middle East Insurance Review | Nov 2024

Takaful gross contributions have grown by 22.6% to EGP5.23bn ($107.5mn) in the first half of this year, against EGP4.26bn in the same period of the past year, outpacing the market overall growth rate of 22.1% and the conventional players’ 22% growth rate, according to the latest figures issued by the Financial Regulatory Authority.

The market overall premium income stood at EGP43.7bn in the first six months of 2024 versus EGP35.8bn in the same period of the past year. Takaful contributions accounted for almost 12% of the market premium volume. Conventional players’ GWP reached EGP38.45bn compared with EGP35.8bn in the first half of 2023, controlling over 88% of the market business.

Takaful operators’ paid premiums in the first half of 2024 reached EGP1.97bn, up from EGP1.63bn, a 20.6% increase, against 27.6% hike registered by conventional players. The market’s overall paid claims rose by 26.1% to reach EGP20bn. M

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