Total premiums in Egypt increased to EGP40.1bn ($2.55bn) in the 2020 fiscal year compared to EGP35.2bn in the previous year, an increase of 14%.
Insurance revenue in the tourism and travel sectors have plunged due to the coronavirus crisis, with one estimate placing the decline at 90%.
The Egyptian government is seeking to strengthen the partnership between the government, civil society and the private sector to achieve integration between the comprehensive health insurance system, the medical insurance industry and the healthcare sector to improve health services for the public, said Dr Mohamed Maait, Minister of Finance and chairman of the General Authority for Comprehensive Health Insurance.
Egypt's biggest non-life insurer Misr Insurance Company's financial performance and earnings are deemed as strong, with a five-year average combined ratio of 90%, notes Fitch Ratings in a recent report.
The Financial Regulatory Authority (FRA) is seeking to establish an association of insurance brokers, according to Mr Reda Abdel Moaty, vice chairman of the regulatory agency.
State-owned Misr Insurance Company (MIC) relies on investment results as the primary contributor to its earnings, supported by the high interest rate environment in Egypt, notes AM Best. Investment profits accounted for over 90% of the company's pre-tax profits over the past five years.
State owned Misr Life Insurance Company (MLIC)has a track record of adequate operating performance, as evidenced by a five-year (2016-2020) weighted average return on equity (ROE) of 15.8%, notes AM Best.
The Insurance Federation of Egypt (IFE) has prepared, through its General Committee for Fire Insurance, a guide to sound technical underwriting of fire risk.
The Financial Regulatory Authority (FRA) is requiring that at least a quarter of the members of the board of directors of an insurance company to have experience in the sector.
Insurance companies in Egypt have proposed setting up a pool to cover the risk of epidemics and to fund scientific research on them. Insurers would set aside part of their annual profits for the pool.