Egypt: Contributions grow at slower pace in 2Q

Source: Middle East Insurance Review | Oct 2024

Takaful contributions for operators in Egypt witnessed a drop of 1.9% in the second quarter of the year as they reached EGP2.424bn ($50m) against EGP2.47bn achieved in the second quarter of 2023, according to the latest quarterly report issued by the Financial Regulatory Authority (FRA). Conventional players’ GWP, however, grew by 27.3% to EGP19.2bn from EGP15bn. Gross premium income for the whole market registered a y-o-y growth rate of 23.2% as it reached EGP21.6bn versus EGP17.6bn.

Paid claims for takaful operators also declined by 7.1% to EGP925mn in the first quarter of the year against EGP997mn registered in the same period of the preceding year. Conventional insurers’ claims grew by over 17% to EGP8.44bn. M

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