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Jan 2022

Egypt: Sharp decline in contributions and significant increase in paid claims

Source: Middle East Insurance Review | Dec 2021

Gross written contributions for takaful providers in Egypt dropped by more than 34% in the first eight months of 2021 reaching EGP2.9bn ($184.8m) against EGP4.4bn generated in the same period of the preceding year. Paid claims for the same period grew by 50% to EGP1.1bn from EGP1.6bn, according to the Financial Regulatory Authority’s monthly publication.
 
Conventional insurers’ GWP, however, grew by over 44% in the first eight months of the year to EGP30bn against EGP20.8bn. Paid claims increased by 9.6% to EGP13.2bn. The market GWP, combining conventional and takaful providers, increased by 30.6% to EGP33bn compared to EGP25.2bn achieved in the first eight months of 2020.
 
There are 10 takaful providers in Egypt, their direct contributions account for around 10% of the market GWP. M 
 
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