Egypt: Takaful firms narrow 1H technical loss rate
Source: Middle East Insurance Review | Nov 2019
The technical loss rate of takaful operators in Egypt decreased by 9.5 percentage points in the first half of this year to 14.8%, compared to 24.3% for the corresponding half of last year.
The reasons for this include a surge in revenue with contributions in 1H2019, rising three times as fast as claims and other payouts.
Total contributions collected by takaful operators reached EGP4.5bn ($277.2m) in the first six months of this year, compared to EGP1.8bn in the corresponding half of last year, an increase of 150%, reported Al Mal.
Benefits and claims paid by takaful operators amounted to EGP666.5m in the first half of this year, compared to EGP439.6m paid in the corresponding half of last year, an increase of 51.6%. M
EGP1 = $0.06