Gross written premiums for the insurance industry in Egypt registered notable growth rates in 2024 with takaful contributions, in particular, showing outstanding performance.
Premium income of insurance companies in Egypt in 2024 reached EGP94.7bn ($1.87bn), 28% up from EGP74.1bn achieved in 2023, according to the monthly publication published by the Financial Regulatory Authority (FRA).
Property and liability business grew by 40% to EGP52.5bn in 2024 from EGP37.5bn in 2023, and commanded around 55% of total market premiums. Life insurance and savings premiums grew by around 16% to EGP42.3bn, accounting for a 45% market share.
Total paid claims in 2024 reached EGP44.9bn compared with EGP35.1bn in the past year, a 28% increase.
|
EGP m
|
Premium income
|
Paid claims
|
|
Line of business
|
Jan-Dec 2024
|
Jan-Dec 2023
|
Change
|
Jan-Dec 2024
|
Jan-Dec 2023
|
Change
|
|
Property & liability
|
52,461
|
37,527
|
39.8%
|
21,455
|
16,758
|
28.0%
|
|
Life and saving
|
42,277
|
36,542
|
15.7%
|
23,439
|
18,327
|
27.9%
|
|
Total
|
94,738
|
74,069
|
27.9%
|
44,894
|
35,085
|
28.0%
|
Source: Financial Regulatory Authority (FRA)
Takaful vs conventional insurance
Takaful contributions surged by around 49% to reach EGP12.6bn in 2024 compared to EGP8.4bn in 2023. Conventional insurers’ business grew by 25% year on year to EGP82.2bn.
Takaful contribution in the previous year accounted for 13.3% of the market size against 11.4% in 2023.
Paid claims by takaful operators reached EGP5.1bn, up from EGP3.6bn in 2023, a rise of 43%. Conventional insurers’ paid claims increased by 26% year on year to EGP39.8bn in 2024.
|
EGP m
|
Premium income
|
Paid claims
|
|
Conventional – Takaful
|
Jan-Dec 2024
|
Jan-Dec 2023
|
Change
|
Jan-Dec 2024
|
Jan-Dec 2023
|
Change
|
|
Conventional business premiums
|
82,184
|
65,635
|
25.2%
|
39,784
|
31,510
|
26.3%
|
|
Takaful contributions
|
12,554
|
8,434
|
48.8%
|
5,109
|
3,575
|
42.9%
|
|
Total
|
94,738
|
74,069
|
27.9%
|
44,893
|
35,085
|
28.0%
|
Source: FRA