Egypt: Insurance market expands by 26% to over $3bn in 2021

Source: Middle East Insurance Review | Apr 2022

The Egyptian insurance industry produced total premiums of about EGP49bn ($3.1bn) during the 12 months ended 31 December 2021, up 25.6% from EGP39bn in 2020, according to data issued by the Financial Regulatory Authority.

Life insurance business accounted for the bigger share of the total market with a contribution of 58% compared to 42% for non-life insurance. In comparison, life insurers contributed 57% of total insurance premiums in 2020.

Conventional insurance business raked in premiums of EGP44.3bn (+35.5% y-o-y) in 2021, representing 90.4% of the overall market (2020: 83.8%). Takaful contributions decreased by 25.4% to EGP4.7bn in 2021.

Egypt’s inflation rate remained within the central bank’s target range of 5-9% in 2021. In the first half of the fiscal year 2021-2022 (which lasted from July 2021 to December 2021), Egypt’s GDP increased by 9%, the highest record since the beginning of 2000, government data shows. M

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