Egypt:Insurance premiums climb by 40% in Jan-Feb 2025

Gross written premiums for Egypt's insurance market in the first two months of this year reached EGP21.3bn ($420m), up from EGP15bn in the corresponding period in 2024, a jump of 40.5%, according to a recent report published by the Financial Regulatory Authority (FRA).

Gross written premiums for Egypt’s insurance market in the first two months of this year reached EGP21.3bn ($420m), up from EGP15bn in the corresponding period in 2024, a jump of 40.5%, according to a recent report published by the Financial Regulatory Authority (FRA).

For the January-February 2025 period, property and liability business reached EGP12.4bn, accounting for 59% of the market GWP, versus EGP8bn achieved in the same period of the previous year, showing an increase of 55%. Life insurance operations grew by 25% to EGP8.9bn from EGP7.2bn.

Paid claims reached EGP9.3bn in the first two months of 2025 against EGP7.4bn in the corresponding period of the previous year. Around 35% of paid claims were in the property and liability side of business.

 Source: Financial Regulatory Authority

Conventional vs takaful

Gross written contributions for takaful operators reached EGP3bn in the first two months of 2025 from EGP2bn in the corresponding period of the past year, an increase of 52%. Conventional insurers registered a growth rate of around 39% as their GWP reached EGP18bn in the January-February period in 2025, from EGP13bn a year ago.

Takaful providers paid claims of around EGP990m in the first two months of 2025, recording a 46% y-o-y increase, compared to EGP8.3bn paid by their conventional peers.

Source: Financial Regulatory Authority