Egypt: Takaful insurance firms’ compensations hit $48mn in 7 months

Takaful insurance companies operating in the Egyptian market had paid compensations worth 388.5 million Egyptian pounds (US$48 million) in the first seven months of 2015, according to the Egyptian Financial Supervisory Authority (EFSA).

EFSA’s monthly report further stated that the compensations of takaful life insurance companies stood at 98.6 million pounds, seizing a market share of 4.5 percent.

Meanwhile, the compensations of takaful non-life insurance companies recorded 289.9 million in seven months, with a 12 percent market share.

Meanwhile, the compensation of paid corporate policies had seized 95.5 percent of takaful insurance firms’ total paid compensations in the first seven months of 2015.

Takaful insurance paid compensations for the corporate policies amounting to 94.2 million pounds, versus 4.4 million pounds for the individual policies.