The Egyptian insurance sector's GWP reached EPG30.4bn ($611m) in the first quarter of 2025, up from EGP22bn in the corresponding quarter in 2024, a growth of 37.7%, revealed the Financial Regulatory Authority's (FRA's) latest monthly report.
Most of the growth came from the property and liability insurance business which surged by nearly 50% to EGP17.5bn in 1Q2025 versus EGP11.7bn in 1Q2024. Life insurance business grew by 24% to EGP12.8bn in the first three months of this year from EGP10.3bn in the corresponding quarter in 2024.
Total claims paid rose to EGP13.8bn in the first quarter of this year from EGP10.7bn in 1Q2024, an increase of 29.4%. Property and liability insurance paid claims grew by around 30% to EGP6.6bn while life insurance paid claims increased by 29% to EGP7.1bn.
|
EGP bn
|
1Q2025
|
1Q2024
|
Change
|
|
Property & liability GWP
|
17.535
|
11.706
|
34.4%
|
|
Life GWP
|
12.826
|
10.341
|
24.0%
|
|
Total market GWP
|
30.361
|
22.047
|
37.7%
|
|
Property & liability paid claims
|
6.643
|
5.124
|
29.7%
|
|
Life insurance paid claims
|
7.136
|
5.528
|
29.1%
|
|
Total market paid claims
|
13.779
|
10.652
|
29.4%
|
Source: FRA
Takaful contributions jump by 60% in 1Q
The FRA report also highlights that takaful contributions reached EGP4.5bn in 1Q2025, registering a 60.2% increase from the corresponding period of 2024. Conventional business GWP grew by 34.4% year on year to EGP25.9bn.
Takaful gross contributions’ share of the market GWP grew to reach 14.8% in the first three months of this year, up from 12.7% in the same period last year.
Takaful operators paid claims of around EGP1.5bn in 1Q2025 against EGP1bn in the first quarter of 2024, a 41% increase.
|
EGP bn
|
1Q2025
|
1Q2024
|
Change
|
|
Conventional GWP
|
25.869
|
19.243
|
34.4%
|
|
Takaful contributions
|
4.492
|
2.804
|
60.2%
|
|
Total market GWP
|
30.361
|
22.047
|
37.7%
|
|
Conventional paid claims
|
12.310
|
9.611
|
28.1%
|
|
Takaful paid claims
|
1.469
|
1.041
|
41.1%
|
|
Total market paid claims
|
13.779
|
10.652
|
39.4%
|
Source: FRA