Egypt: Contributions leap by 108% in 1H2022
Source: Middle East Insurance Review | Sep 2022
The gross contributions that Egypt’s 10 takaful operators have generated in the first half of 2022 reached EGP4.54bn ($237m) against EGP2.18bn achieved in the same period last year, representing a growth rate of 108.2% compared to the 13.1% growth rate for the whole market and 3.8% for conventional insurers, according to the Financial Regulatory Authority’s monthly data.
In addition, takaful contributions grew to account for 16.4% of market operations in 1H2022 against less than 9% in the corresponding half of 2021.
Takaful paid claims grew by 14.1% to EGP1.19bn in 1H2022 from EGP1.35bn in the first half of 2021. The market’s gross paid claims reached EGP12.9bn in 1H2022 versus EGP11.2bn in 1H2021, a 15% increase. M