Egyptian takaful insurance companies’ H1 premiums jump 141.3% – report

Premiums by Egyptian takaful insurance companies skyrocketed by 141 percent year-on-year during the first half of the year, said the country’s market regulator in a report on Thursday.

Premiums recorded 4.5 billion Egyptian pounds ($273.5 million) during the first half of the year from 1.8 billion pounds during the same period last year.

Commercial insurance companies’ first-half premiums rose 24.1 percent to 23.2 billion pounds against 18.7 billion pounds during the same period last year, the Egyptian Financial Regulatory Authority’s (FRA) monthly report showed on Thursday.

Insurance companies also achieved premiums totalling 27.8 billion pounds from 20.6 billion pounds last year, marking a 34.8 percent growth.

In June, takaful insurance companies’ premiums increased 49.1 percent to 519 million pounds versus 348.1 million pounds during the same month in 2018.

“Commercial insurance companies’ premiums reached 4.1 billion pounds during June 2019, compared with 3.2 billion pounds during the same month last year, marking a 28.1 percent growth,” the report said.