Takaful contributions in Egypt reached EGP4.7bn ($254.7m) in 2021 compared to EGP6.3bn in the previous year, showing a sharp decline of around 25%, according to a report published by the Financial Regulatory Authority.
The report revealed that conventional players, on the other hand, increased their GWP by 35% to EGP44.3bn from EGP32.7bn in 2020. The total GWP for the insurance sector in Egypt reached EGP49bn in 2021 against EGP39bn in the previous year, registering a growth of 25.6%.
Paid claims for takaful operators in 2021 grew by almost 40% to EGP2.4bn compared to EGP1.7bn in 2020. Conventional insurers paid EGP20.1bn during the past year compared to EGP17.8bn in 2020, with an increase rate of 12.8%. The size of total claims paid by the insurance sector amounted to EGP22.6bn during the last year compared to EGP19.6bn paid in 2020, an increase of 15.2%. M