Egypt

Egypt Insurance Market Highlights

Market Regulation:

Governed by the FRA. Axco’s regulatory monitoring focuses on the implementation of the 2026 Unified Insurance Law and its impact on capital requirements.

Non-Life Market Trends:

Agricultural and Micro-insurance are key growth areas; Axco’s research identifies large-scale national development projects as a major driver for 2026 Engineering GWP.

Distribution Channels:

Traditionally agency-based, Axco analysis reveals a 2026 explosion in Bancassurance popularity following new regulatory approvals and bank partnerships.

Key Risks & Outlook:

Inflation remains a primary challenge; Axco’s outlook suggests that the untapped retail population presents the largest long-term opportunity in the MENA region.

Insurance Companies:

Axco Navigator details that the Insurance Federation of Egypt (IFE) currently has 39 members, of which 16 are life insurers and 23 are non-life insurers or takaful operators.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 49.3% to EGP 41,800 Mn with motor the largest class of business, accounting for 28% of premiums. Insurance penetration stands at 0.26%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Egypt Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Egypt includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Egypt?

All regulated life, non-life and reinsurance companies must be members of the insurance association, the Insurance Federation of Egypt (IFE). The IFE currently has 40 members, of which 17 are life insurers and 23 are non-life insurers or takaful operators. There is one export credit guarantee insurer (Export Credit Guarantee Company of Egypt - ECGE) which is not listed as a member of IFE. The dominant player remains the state-owned Misr Insurance Co.

In the Non-Life (P&C) market, Misr Insurance was the market leader, recording EGP 22,216.17 million in written premiums and 40.27% market share in 2024. It was followed by Orient Takaful Insurance Egypt (EGP 5,105.13 million; 9.25% market share) and Arab Misr Insurance Group (GIG) (EGP 4,056.59 million; 7.35% market share).

Among the leading non-life insurers, Egyptian Takaful Property & Liability Insurance Company reported the strongest growth, with premiums increasing 72.2% year-on-year. 23 companies are licensed for non-life business.

Who are the top non-life insurers in Egypt?

Source: Axco Navigator, Egypt Insurance Market Rankings.

What is the Life Insurance market in Egypt?

In the Life insurance market, The National Insurance Company of Egypt was the largest insurer in 2024, generating EGP 14,072.01 million in written premiums and holding 28.72% market share. It was followed by Allianz Egypt Insurance Company (EGP 13,618.96 million; 27.80% market share) and AXA Life Insurance - Egypt (EGP 9,218.88 million; 18.82% market share).

The fastest-growing major life insurer was Egyptian Takaful - Life, with premium growth of 50.3% year-on-year. 17 companies are licensed for life business.

Who are the top life insurers in Egypt?

Source: Axco Navigator, Egypt Insurance Market Rankings.

Country Information

With archaeological signs of civilisations dating back over 6,000 years, native dynasties ruled for almost 4,000 before they were succeeded by various foreign occupations, some lasting centuries, until Egypt declared independence in 1922, becoming a republic in 1953. About 95% of the country is desert and most of the population reside in the valley of the River Nile, which bisects the country from north to south for a distance of 1,000 miles. Egypt borders the Mediterranean Sea in the north, the Red Sea and Israel to the east, Sudan to the south, and Libya to the west. There is a low to moderate earthquake risk in the country and tremors of a magnitude of 5.0 to 6.0 on the Richter scale occur every few years.

The total number of non-life insurers in the market was 24 in 2019 and, at the same time, there were 15 life insurance companies. A new non-life and a new life insurance company from the same group entered the market in 2019. The dominant player in all classes remains the state-owned Misr Insurance.

Non-admitted insurance is forbidden by law with some exceptions. No company may write business in Egypt without authorisation and no property or liability risk situated in Egypt may be placed directly outside the country unless permission to do so has been obtained from the supervisory authorities. Reinsurance may be placed overseas but only with approved reinsurers. The only compulsory tariff is motor third-party liability for bodily injury insurance.