Egypt: Takaful contributions almost doubled in 9M2022

Source: Middle East Insurance Review | Feb 2023

Gross takaful contributions in Egypt reached EGP7.4bn ($251m) in the first nine months of 2022 against EGP3.76bn in the same period of the previous year, a growth of 97.5% against 6.5% growth rate achieved by conventional players (GWP: EGP36.6bn vs EGP39.2b), according to the Financial Regulatory Authority’s monthly performance report of non-banking financial activities. GWP for the market as a whole, takaful and conventional, reached EGP47bn versus EGP41bn, showing an increase of 14.8%.

Takaful contributions for the same period accounted for 18.7% of the market GWP against 10% in the first nine months of 2022.

Gross paid claims for takaful operators in Egypt grew by 9.8% to EGP2.18bn and accounted for 11% of the market’s gross paid claims. Paid claims for conventional providers reached EGP19.7bn compared with EGP16.7bn in the same period of the past year, a growth of 18%.

Paid claims for the insurance market in first nine months of 2022 reached EGP21.9bn compared with EGP18.66bn, an increase of 17.4%.

There were 10 active takaful operators in Egypt by the end of 2021. Last year, a new takaful provider entered the market. M

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