Compensation paid by Egyptian takaful insurance companies 72% up in 6 months

Compensation paid to clients by takaful insurance companies operating in Egypt climbed 72 percent year-on-year during the first half of this year, according to a report.

Compensation recorded 756.3 million Egyptian pounds ($47.6 million), up from 439.6 million pounds during the first half of last year, Egypt’s Financial Regulator Authority (FRA) said in its monthly report on Tuesday.

In June, compensation increased 59.2 percent to 118.6 million pounds against 74.5 million pounds during the same period in 2019, FRA added.

Takaful insurance companies posted premiums worth 3.35 billion pounds during the first six months of the current year versus 1.8 billion pounds during the same period of last year, marking a 77.1 percent growth.

Premiums also grew 73 percent to 602.2 million pounds last June, compared to 348.1 million pounds last year.