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Egypt

Egypt

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

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Information for Egypt can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Latest GWP
Insurance Penetration (%)
GMT+2
Cairo
EGP
104.26 mn
(8.30)
8.78%
2,369.13
0.75

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. 

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