Egypt: Inflation's impact on insurance brokers

Source: Middle East Insurance Review | Oct 2024

Inflation has affected the insurance industry in Egypt, said Egyptian Insurance Brokers Association chairman Adel Shaker.

Mr Shaker told Al Arabiya that insurers’ premium hikes to match inflation created a misleading picture of growth in Egypt’s insurance sector, making it appear to be expanding rapidly. Misr Insurance Holding CEO Mohamed Mahran said that inflation impacts the industry differently depending on the type of insurance.

Property and liability insurance are particularly affected, as they are tied to the rising costs of assets like buildings, cars, and factories, necessitating premium increases. Mr Mahran added that life insurance is also impacted by inflation, with policy values growing in line with price hikes. However, rising interest rates often drive policyholders to invest in high-return savings certificates. M

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