Takaful captures 8.6% of Egypt total insurance compensations in 5 months

Takaful firms have seized around 8.6 percent of the total insurance compensations paid in the Egyptian market throughout the first five months of the current year.

By end of May 2016, takaful firms operating in the Egyptian market have paid compensations totalling around 344 million Egyptian pounds ($38.7 million), a report released by the Egyptian Financial Supervisory Authority (EFSA) showed.

The report also added that the total compensations paid during the first five months of 2016 surged to 4 billion pounds, compared to 3.25 billion pounds in the same period last year, marking a 23 percent increase.

Takaful property firms have paid around 183.3 billion pounds, to seize 10.8 percent of the total compensations paid in the first five months of the year.