Egypt: Takaful business surges ahead of conventional insurance

Source: Middle East Insurance Review | Oct 2019

Contributions collected by Egyptian takaful operators surged by 141% y-o-y during the first half of the year, said the Financial Regulatory Authority (FRA).

The 1H contributions reached EGP4.6bn ($281.7m), up from EGP1.9bn during the same period last year, reported Al Mal.

In the first six months of the year, premiums collected by the insurance market as a whole including conventional insurers totalled EGP27.8bn, compared to EGP20.6bn in the corresponding period last year. This represented an increase of 35%.

The surge in takaful business, relative to conventional insurance business, has led Islamic insurance to contribute 16.5% of the overall market in 1H2019, compared to 10.2% in 1H2018.

Benefits and claims paid by takaful operators amounted to EGP666.5m in the first half of 2019, compared to EGP439.6m paid in the corresponding half of last year, an increase of 51.6%. M

EGP1 = $0.06

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