Egypt: Takaful contributions grew by 36% in 3Q2024

Source: Middle East Insurance Review | Jan 2025

Takaful contributions for Egypt’s operators reached EGP8.4bn ($165m) by the end of the first three quarters of 2024 against EGP6.17bn achieved in the same period of the past year, a growth of 36%, according to the Financial Regulatory Authority’s report issued recently.

Conventional players’ premiums for the same period reached EGP60.6bn against EGP48.8bn generated in the first three quarters of 2023, showing an increase of 24%. The whole market GWP growth for 3Q2024 stood at EGP69.6bn compared to EGP54.9bn in 3Q2023, a 25.7% increase.

Paid claims for takaful providers for the first three quarters of the year grew by 29.7% to EGP3bn from EGP2.35bn in the same period of 2023, compared to a growth rate of 27.4% for the conventional insurers (EGP28.4bn vs EGP22.3bn) and 27.6% for the market as a whole (EGP31.5bn vs EGP24.7bn). M

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