Egyptian Takaful Company (Non-life) has succeeded in renewing reinsurance agreement with Hannover Re Group, said Hamed Mahmoud, deputy general manager of the company.
He revealed that Hannover renewed the contract without placing additional conditions, noting that the company renewed the contract at the same price and with the same coverage of the last year.
Reinsurers did not impose additional or severe conditions on Egyptian Takaful Non-life thanks to the company’s good results which enabled it to be in the sixth rank among Egyptian insurance companies and it is also the top Takaful company in Egypt in terms of the volume of premiums as its premiums account for 35.5% of the total volume of Takaful premiums in the Egyptian market, he elaborated.
The Egyptian Takaful Company (Non-life) expanded in the marine and motor reinsurance contract and the absorptive capacity of these two sectors has increased due to the rise in the growth rates of these two sectors, he noted.
It is worth mentioning that 66% of the shareholding structure of Egyptian Takaful Company (Non-life) is divided equally among Arab International Bank, Banque Misr, National Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt, Arab Banking Corporation and Misr Iran Development Bank as well as Social Fund for Development. The remaining value is divided as such: Gulf Insurance Company (8.75%), Kuwait Projects Company (8.25%), International Company for Leasing (Incolease) (8.5%) and Kuwaiti direct investment company (8.5%).
