Egypt: Drop in takaful contributions, claims hike in 2Q
Source: Middle East Insurance Review | Oct 2021
Takaful providers in Egypt generated EGP1.7bn ($108m) in 2Q 2021 against EGP1.68bn in the same period of the preceding year, a fall of over 30%, according to the Financial Regulatory Authority’s quarterly report. Claims paid for the same period have grown by almost 84% to EGP611m versus EGP332.6m in 2Q 2020.
However, the overall market premiums for the same period grew 37.7% to EGP12.5bn versus EGP9bn in 2Q 2020, with gross paid claims for the market increasing 1.02% to EGP5.13bn.
Conventional players’ GWP rose 53% to EGP11.3bn while their total paid claims fell 4.8% to EGP4.4bn. Egypt has 40 operating insurance companies, of which 10 are licensed takaful players. M