Insurance Sector Seen 8% To 10% Growth In FY2011/12

Dr. Adel Mounir, Egyptian Financial Supervisory Authority (EFSA) Vice-Chairman, said the insurance sector is expected to post a growth in the volume of insurance premiums ranging between 8% and 10%, of the total market. Noting that the volume of life and property insurance premiums during the FY 2011/12 hit EGP 10.135 million.

There are 29 insurance companies listed in the Egyptian market.

“It is also expected that takaful’s market (Islamic insurance) share will witness a rise ranging between 6% and 6.5%, compared to 5% achieved during the FY 2011/12.”  Mounir added

Worth mentioning, there are 7 takaful companies listed in the Egyptian insurance market; they are: Egyptian Saudi Insurance House, Egyptian Takaful Insurance Company (Property), Egyptian Takaful Insurance Company (Life), Nile Family Takaful Company, General Takaful, Wethaq Takaful Insurance Company, and  Arab Orient Insurance Co. (AOIC).