Egypt: Takaful market grows faster than conventional business in 2024

Source: Middle East Insurance Review | Apr 2025

Premium income of insurance companies in Egypt reached EGP94.7bn ($1.87bn) in 2024, 28% up from EGP74.1bn achieved in 2023, according to the monthly publication released by the Financial Regulatory Authority (FRA).

The results have shown that takaful contribution grew at a faster pace compared to conventional insurance premiums in 2024.

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.

Claims paid by takaful operators reached EGP5.1bn, up from EGP3.6bn in 2023, a rise of 43%. Conventional insurers’ paid claims increased by 26% y-o-y to EGP39.8bn in 2024. M

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