Takaful - Egypt: Takaful grows market share to 12% - EFSA

Source: Middle East Insurance Review | Feb 2016

Takaful operators accounted for 12% of Egypt’s insurance market during the period from January to August 2015, compared with a share of 8.8% for the whole of 2014, according to a report issued by the Egyptian Financial Supervisory Authority (EFSA).

Family takaful contributions rose by 38.7% to US$1 billion for the 10 months to October 2015, compared to $900 million a year earlier. Property insurance premiums witnessed a slight growth of 1.1% during the period to reach $639 million.

Mr Abd El-Raouf Kotb, Chairman of the Insurance Federation of Egypt (IFE), said that the number of takaful companies in Egypt has risen to nine with the entry of Emirate Egyptian Takaful Life Insurance, a subsidiary of SALAMA (Islamic Arab Insurance Company) last year.

Mr Kotb said that growth has also been fuelled by the introduction of new products, such as political violence as well as credit insurance, which has proven popular especially after local banks expanded their lending policies, reported the Zawya news website.

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