Egyptian Takaful Non-Life Eyes 4% Market Share

The Egyptian Takaful Company (Non-Life) targets to increase its market share in the insurance market to 4% in its financial results for FY 2011/2012, as its market share reached 3.1% in FY 2010/2011, said Ahmed Arfin, Managing Director of the Company.

The Company changes its strategy every year especially after the turmoil the Egyptian economic sector witnessed in the last period. Therefore, the Company depended largely on investments revenues instead of income from insurance services, so as to offset the losses incurred by the insurance sector, Arfin explained.

The company plans to make a portfolio analysis in order to specify the needs of the company and will consider the growth rates of insurance sectors during setting its plan for increasing the market share.

It is worth mentioning that Egyptian Takaful Company (Non-Life) had premiums of EGP 221 million in FY 2011/2012, up from EGP 176 million in FY 2010/2011, with an increase of 26%.