Egyptian Takaful Insurance Records EGP10mn Premiums in Petroleum Sector

General Manager of Reinsurance at Egyptian Takaful (Property and Liability) Company Mr . Hamed Mahmoud revealed that his company attained EGP10 million premiums in petroleum and energy insurance branch during the end fiscal year of June30/2014.

Egyptian Takaful recorded EGP318.5 million premiums in 2013/2014 in compared to EGP274.4 million in the previous fiscal year, move up by 16% growth rate, the company’s market share reaches 4% from the Egyptian properties market while it owns 35% of takaful insurance market.

Speaking to Amwal Al Ghad on Wednesday, Mahmoud added that his company is targeting to attain EGP20 million premiums in energy and petroleum branch in the current fiscal year of 2014/2015, noting that the previous year witnessed the first policy for petroleum branch after the approval of Egyptian Financial Supervisory Authority (EFSA).