Egyptian Takaful (Property) is licensed by The Egyptian Insurance Supervisory Authority by declaration no. 241 of 2007 by which the Company has been established and registered in the Insurance and Reinsurance Register of the Supervisory Authority no. 21 and licensed to transact business in accordance to:
– Authorized Capital: L.E 500 Million- Paid Up Capital: L.E 120 Million.
– Licensed to transact all classes of Takaful business.
Egyptian Takaful has started its actual operation on 1.7.2008.
In less than six years of operation, Egyptian Takaful became one of the largest non – life Insurance Companies in the Egyptian Market.
The Egyptian Financial Supervisory Authority (EFSA) 2014 annual report ranks Egyptian Takaful as the best performing Takaful Company in Egypt with 42% Takaful market share. Egyptian Takaful also ranks the fourth in Egyptian Market by gross premium with a 4.2% market share overtaking many older and established competitors and continues to deliver profitable growth to its policyholders, shareholders and reinsurers.
Egyptian Takaful depend on the following features to achieve that perfect success:
1. Strong shareholders including strongest Banks in Egypt in addition to Gulf Insurance Company (GIG) and investment companies.
2. Sufficient Capital.
3. focused on the quality of the underwriting and maintains the objectives set out since inception:
– Maintain prudent and selective underwriting practices with a focus on risk quality.
– Maintain the average rate of our property portfolio.
– Continue to deliver profitable underwriting returns to shareholders and Reinsurers.
Emphasis on risk management. The risk survey reports are constantly monitored for their quality, clarity and transparency. Despite the additional underwriting cost incurred, ET fully utilizes its risk control engineers for most of the property risks it underwrites and further insists to resurvey the risk location to assure that all recommendations have been complied with prior to renewal.
Achieve a balanced portfolio between the different lines of business.
Egyptian Takaful is the first Takaful Company distributes profit sharing to policy holders for financial years 2013 and 2014.