The insurance market in Egypt achieved notable growth in terms of premium income in the first 10 months of the past year, mainly driven by the rise in property and liability operations.
The market GWP in Egypt reached EGP77.1bn ($1.52bn) in the first ten months of 2024 against EGP61.3bn generated in the corresponding period of the previous year, an increase of almost 26%, according to the recently published Financial Regulatory Authority (FRA) monthly report.
Property and liability insurance activities amounted to EGP42.9bn between January and October of the past year from EGP30.86bn in the same period of 2023, achieving 39% growth rate. Life and pension lines of business’ premiums reached EGP34.2bn against EGP30.4bn, a 12.2% increase.
Paid claims for the same period increased by 27% to EGP35.6bn from EGP28bn. Property and liability paid claims rose by 35.2% to EGP16.9bn while life and pensions lines’ paid claim registered an increase of 20.5% to EGP18.7bn.
Takaful outpacing conventional
General contributions for takaful operators in the first 10 month of 2024 grew by 39.7% reaching EGP9.65bn from EGP6.9bn in the same period of the previous year, outperforming their conventional peers’ 24% growth rate.
Takaful operators paid claims for the same period reached EGP3.7bn up from EGP2.66bn, an increase of 39.2%. Paid claims for conventional insurers grew by 25.8% to EGP31.9bn from EGP25.37bn.
Investment returns
The FRA report indicated that the private insurance fund investments during the period from January to October 2024 amounted to EGP22.3bn, compared to EGP20.2bn during the same period last year, registering a growth rate of 10.4%.