Egypt: Market forecast to grow at double digits this year
Source: Middle East Insurance Review | Feb 2019
Total premiums generated in the Egyptian insurance market in 2018 should not be less than EGP27.5bn ($1.5bn), an increase of EGP3.5m or 14.6% over the previous year, according to Mr Alaa El Zoheiry, chairman of the Insurance Federation of Egypt.
“We are trying to develop the market and new mandatory products, such as compulsory insurance, professional liability, public liability and student insurance, which will lead to an increase in the volume of premiums,” he told Al Masry Al Youm.
He added that a proposed new insurance law, currently being finalised, will contribute to the development of the sector. An important feature is the proposal to increase the minimum capital of insurers from the current minimum of EGP60m to EGP150m. The new law will also allow the establishment of separate health insurers.
Mr El Zoheiry also said, “We are currently raising awareness because the amount of premiums is low and does not match the size of the population and the size of the economy.” M
EGP1 = $0.06