Total premium income for the insurance market in Egypt registered notable growth in the period between January and November 2024, according to the Financial Regulatory Authority (FRA) monthly report.
Collected insurance premiums during the period from January to November 2024 reached EGP84.96bn ($1.69bn) against EGP67.4bn collected in the corresponding period of the past year, according to the Financial Regulatory Authority (FRA) monthly report which was recently published.
For the same period, property and liability insurance premiums grew by 38.6% to EGP47bn from 33.96bn, accounting for 55.4% of the overall business volume. Insurance of persons and funds accumulation operations saw an increase of 13.2% to EGP37.9bn from EGP33.4bn, commanding 45.6% share.
Claims paid for the period between January and November 2024 reached EGP39.8bn up from EGP30.9bn paid in the same period of the preceding year, an increase of almost 29%. For the same period, property and liability paid claims registered an increase of over 36% as it reached EGP18.7bn (around 47% of gross paid claims), while Insurance of persons and funds accumulation operations paid claims reached EGP21bn up from EGP17bn, almost 23% increase.
Takaful growth outstrips conventional
Takaful contribution for the period between January and November 2024 reached EGP11.2bn versus EGP7.65bn generated in the same period of the past year, showing a jump of 46.4% against a growth rate of 23.4% registered by the market’s conventional insurers.
Takaful contributions for the same period accounted for 13.2% of the market total operations up from 11.3% in the same period of the preceding year.
Paid claims for takaful operators reached EGP4.2bn in the period from January and November 2024 compared with EGP2.9bn paid in the same period of 2023, an increase of 42.5% - compared to 27.3% increase in conventional paid claims.