Aggregated News From Investment Management Regulators

The share of Takaful Insurance Companies is 9% of Insurance Market in Egypt in the first quarter of 2017

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• Sherif Samy: Premiums of Takaful Insurance is 744 million Pounds in the first quarter of 2017
• The share of Takaful insurance was 13% of property insurance and 6% of life insurance
• Compensations paid by Takaful Insurance companies reached 173 million pounds within the first three months of 2017 

EFSA’s Chairman revealed that life insurance premiums (new and existing) of Takaful insurance companies are 310 million pounds in the first quarter of 2017. In this respect, Takaful companies represent 6% of life insurance premiums in the Egyptian Market, which were amounted to 5 Billion pounds.

EFSA’s Chairman emphasized that property insurance of Takaful insurance companies was amounted to 434 million pounds by 13.4% from property insurance premiums in the Egyptian Market, which reached 3.2 Billion pounds. Takaful insurance premiums were mainly given to supplementary  car insurance with a value of 107 million EGP, then fire Insurance with a value amounted to 94 million EGP , then comes  compulsory car insurance  with an amount of 60 million EGP and finally accidents with an amount of 59 million EGP.

Sherif Samy pointed out that the share of Takaful insurance companies represent 9% 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 the first three months of 2017 reached 31 million pounds  in life insurance and142 million pounds in property insurance , where 49 million pounds  given to supplementary car insurance and 26 million for compulsory cars insurance.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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