Aggregated News From Investment Management Regulators

The share of Takaful Insurance Companies is 9.4% of the Total Insurance Market in Egypt

Report/Flag

Please complete the required fields.



• 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%.

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

Feedback Statement on Funding Financial Regulation and Designated Business Oversight

Published on: 14 May 2021 The Isle of Man Financial Services Authority has today published a Read more

Solid Invest

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Vision Introducer Ltd t/a Money Bonds Market (Clone of former Appointed Representative firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on...

Get the latest from Regulatory.News in your inbox!

×