Takaful Insurance Industry sees US$20 billion Premiums Globally at end-2017

Takaful insurance industry is expected premium growth to US$20 billion globally by end of 2017, head of the Egyptian Insurance Federation Abd El-Raouf Kotb said on Sunday during a high-profile insurance event being held today in Egypt.

By end of 2013, takaful insurance has posted premiums worth US$18 billion at end of 2013, the Egyptian official said.

On the sidelines of the 3rd GTG/ICMIF/IFTI Takaful Network Seminar started on Sunday in Egypt, Kotb added that the participants of the seminar would discuss the massive capabilities that Takaful market enjoys.

The 3rd GTG/ICMIF/IFTI Takaful Network Seminar will take place on 29th – 30th March, 2015 in Cairo, Egypt.

From his part, Omar Gouda- Regional Director of the African Reinsurance Corporation (Africa Re)’s for North East Africa and the Middle East- said the seminar is an important step, in the framework of coordination between the International Federation of Takaful & Islamic Insurance Companies (IFTI), International Cooperative and Mutual Insurance Federation (ICMIF) and Global Takaful Group (GTG). The event aims to focus on Takaful industry nowadays in the light of the fact that its growth rates are remarkable and expected to make higher growth currently.