Egypt: More players in insurance broking segment
Source: Middle East Insurance Review | May 2020
The number of individual insurance brokers in Egypt increased to 13,297 at end-December 2019, up 7% compared to the same period a year ago, according to a report on non-banking financial activities in the country for the last quarter of 2019 released by the Financial Regulatory Authority (FRA).
The number of loss adjusting companies, however, decreased by one to 69 last year. The number of surveying experts decreased to 406 at the end of 2019 compared to 408 at 31 December 2018. As for actuaries, there were 50 of them registered with the FRA at the end of 2019, compared to 43 experts at end-2018.
Two new insurers started operations in Egypt last year, taking the total number of insurers in the country to around 40. Meanwhile, state-owned Misr Insurance Holding plans to launch a new family takaful entity with two banks. M