Egypt: Property insurance drives industry growth in 2023
Source: Middle East Insurance Review | Apr 2024
Insurance premiums in the Egyptian market increased in nominal terms by 30.4% in 2023 to reach EGP74.1bn ($1.55bn), compared to EGP56.8bn in 2022.
Property and liability business led the growth with premiums of EGP37.5bn in 2023, jumping by 57.9% from EGP23.8bn in 2022, reported Al Mal News.
Life insurance premiums increased by 10.6% to EGP36.5bn in 2023, compared to EGP32.0bn in 2022.
The insurance sector paid EGP35.1bn in total compensation in 2023, an increase of 31.3% over 2022. The volume of compensation paid by property and liability insurance companies amounted to about EGP16.8bn in 2023, an increase of 59%.
Life insurance companies paid EGP18.3bn in compensation to their customers in 2023, an increase of 13.3% over 2022.
For perspective, core inflation in Egypt in 2023 was above 30%. M