The operating performance of Suez Canal Insurance (SCI) is assessed as adequate, according to AM Best. The insurer has reported a five-year (2019 - 2023) weighted average return-on-equity ratio of 15.8%.
Egypt's biggest life insurer, Misr Life Insurance Company (MLIC), has a strong operating track record, as demonstrated by a five-year (2019-2023) weighted average return on equity (ROE) of 18.3%, says AM Best.
Insurance companies are seeking to increase their paid-up capital under pressure from credit rating agencies and reinsurers concerned about the impact of the decline in the value of the Egyptian pound against the dollar.
The Insurance Federation of Egypt (IFE) is keen to provide specialised technical information that serves the insurance sector, especially in branches for which there is a dearth of data.
Wethaq Takaful Insurance Company Egypt has developed an integrated plan to underwrite insurance for the oil & gas industry.
The Insurance Federation of Egypt (IFE) has said that it is studying ways of managing natural disaster risks and climate change.
The Sovereign Fund of Egypt (TSFE) has received an offer from an Emirati party to acquire a stake of up to 40% in state-owned Misr Life Insurance Company, Egypt's biggest life insurer.
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.
The Egyptian Exchange (EGX) has disclosed that the AIG Egypt Insurance shares offered in response to Gulf Insurance Group's (GIG) mandatory offer to purchase shares in the former numbered 32,608 shares or 58.1% of the total number of shares available for purchase.
The insurance industry is expecting gains from the Central Bank of Egypt's (CBE) move on 6 March to liberalise the Egyptian pound and raise major interest rates by 600 basis points. The goal is to combat high inflation and attract foreign investments.