Takaful News - Egypt: Takaful business made up 12% of total insurance mart in 1Q

Source: Middle East Insurance Review | Jul 2016

Takaful accounted for EGP652 million (US$73 million) in premiums for the first quarter of this year, representing a market share of 11.8%, according to data from the Egyptian Financial Supervisory Authority (EFSA).

Family takaful attracted contributions of EGP339.3 million during the first quarter of this year, with individual takaful accounting for 51% of this figure and group insurance, 49%. Family takaful accounted for 9% of the total life premiums collected in the first quarter, according to local media reports citing the EFSA data.

General takaful raked in contributions of EGP313 million during the first quarter of this year, or 17% of the total non-life premiums in the market. Motor and fire accounted for 62% of this total.

Overall, Islamic insurers paid compensation of EGP199.8 million during the first quarter of this year, or 7.6% of the total market compensation amounting to EGP2.6 billion during the period.

EGP1 = US$0.11

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