Insurance companies operating in the Egyptian market chalked up a premium volume of EGP43.68bn ($899.5m) during the first six months of this year, growing by 22.1% from EGP35.77bn in the corresponding half in 2023, according to data from the Financial Regulatory Authority (FRA).
Conventional insurance premiums amounted to about EGP38.45bn during the first half of 2024, compared to EGP31.507bn during the corresponding period last year, with a growth rate of 22%.
Takaful contributions rose by 22.6% year on year to EGP5.23bn in the January-June 2024 period.
Premiums in the property and liability insurance segment in 1H2024 reached EGP23.44n, compared to EGP17.37bn during the same period in 2023, with a growth rate of 34.9%. Premiums in the life insurance segment jumped about 10% year on year to EGP20.24bn in 1H2024, compared to EGP18.40bn in 1H2023.