• Sherif Samy: Premiums of Takaful Insurance is 2.2 Billion Pounds in 2016
• The share of Takaful insurance was 14% of property insurance and 7% of life insurance
• Compensations paid by Takaful Insurance companies reached 963 million pounds
EFSA’s Chairman revealed that life insurance premiums (new and existing) of Takaful insurance companies are 1.2 billion pounds in 2016. In this respect, Takaful companies represent 7.3% of life insurance premiums in the Egyptian Market, which were amounted to 16.5 Billion pounds.
EFSA’s Chairman emphasized that property insurance of Takaful insurance companies was amounted to 1.03 billion pounds by 14.3% from property insurance premiums in the Egyptian Market, which reached 7.2 Billion pounds. Takaful insurance premiums were mainly given to supplementary car insurance with a value of 261 million EGP, then compulsory car insurance with a value amounted to 233 million EGP , then comes fire Insurance with an amount of 147 million EGP.
Sherif Samy pointed out that the share of Takaful insurance companies represent 9.4% of the total insurance market in which 35 companies operate including 9 Takaful insurance companies.
He added that Compensations paid by Takaful Insurance companies within 2016 reached 308 million pounds in life insurance and 655 million pounds in property insurance , where 220 million pounds given to fire insurance and 221 million for compulsory cars insurance.
Sherif Samy noted that the international Federation of Takaful and Islamic Insurance Companies held a meeting in Cairo last October and Egypt was elected to be the Chairman of the Federation for the new session.
Sometimes, Takaful insurance is called “Cooperative insurance” and it is a term which is more compatible with Shariaa. Globally, the volume of takaful insurance in the market is estimated by 20 billion dollars. It is worth mentioning that it witnessed a growth by 16%.