Egypt: Takaful contributions command 9% of GWP in 3Q2021
Source: Middle East Insurance Review | Jan 2022
Gross takaful contributions in Egypt reached EGP3.37bn ($214m) by the end of September 2021 against EGP4.99bn achieved in the same period of the past year, a decline of 32.6%. Conventional players, on the other hand, wrote EGP32.2bn in the first three quarter of 2021, achieving over 42% y-o-y growth, according to the Financial Regulatory Authority’s monthly report issued last December.
Takaful contributions account for almost 9% of the market premiums in 3Q2021, a notable drop from 17% achieved in the same period of 2020.
Paid claims for takaful operators, however, surged by 46% to EGP1.78bn from EGP1.2bn registered in the first nine months of the past year. M