Egypt: Takaful represents nearly 10% of overall insurance mart
Source: Middle East Insurance Review | Apr 2017
Total takaful contributions in the Egyptian market amounted to EGP2.2 billion (US$122.1 million) in 2016, said Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority.
The share of takaful represented 9.4% of the total insurance market in Egypt.
Last year, the total premiums in Egypt, including takaful contributions, amounted to nearly EGP24 billion, compared to about EGP18 billion the previous year. Growth was driven mainly by life insurance where premiums surged 40% to EGP16.5 billion.
In a statement, Mr Samy said that the total takaful contributions in personal lines (life) for renewed and new business reached EGP1.2 billion in 2016. This represented 7.3% of the life market in Egypt.
New and renewed business in property takaful reached around EGP1.03 billion, which represented 14.3% of the overall property insurance market amounting to EGP7.2 billion last year.
The compensation payouts made by takaful operators during the year stood at EGP308 million in life insurance, and EGP655 million in property insurance.
There are 35 insurers operating in Egypt, including nine takaful operators.
EGP1 = US$0.06