Premiums in the Egyptian insurance market jumped by 25.6% year on year to exceed EGP69bn ($1.4bn) in the first nine months of this year, according to data from the Financial Regulatory Authority (FRA).
Conventional insurance premiums amounted to about EGP60.6n during the January to September 2024 period, 24.3% higher than the EGP48.8bn chalked up during the corresponding period last year, with a growth rate of 24.3%.
Takaful contributions grew more rapidly at 36.1% to EGP8.4bn during the first nine months of this year, compared to EGP6.17bn during the same period last year.
Premiums collected for property and liability insurance during the first nine months of 2024 amounted to about EGP38.0bn, compared to EGP27.4bn during the corresponding period in 2023, with a growth rate of 38.9%. Premiums collected for life insurers rose by 12.3% to EGP30.9bn from January to September 2024, compared to EGP27.6bn in the first nine months of 2023.
Claims
The amount of claims paid out increased during the first nine months of 2024 to EGP31.5bn, compared to about EGP24.7bn during the corresponding period of the previous year, at a growth rate of 27.6%.
According to the FRA report, compensation paid by conventional insurance companies amounted to EGP28.4bn during the first nine months of this year, compared to about EGP22.3bn during the same period in 2023, with a growth rate of 27.4%. Takaful companies paid EGP3bn in compensation in the first three quarters of this year, compared to EGP2.4bn, representing an increase of 29.7%.
Property and liability insurance companies paid out claims totalling EGP15bn during the first nine months of 2024, 35.7% higher than over the corresponding period in 2023, while life insurers paid EGP16.5bn from January to September 2024, 21.1% more than over the corresponding period in 2023.