Premiums in the Egyptian insurance market jumped by 25.6% year on year to exceed EGP69bn ($1.4bn) in the first nine months of this year, according to data from the Financial Regulatory Authority (FRA).
The life insurance market in Egypt is not yet saturated, with the sector's contribution to GDP being less than 1%, indicating huge growth opportunities, Misr Takaful Life Insurance Company managing director Abeer Helmy Saleh said.
Egypt's biggest insurance group, the state-owned Misr Insurance Holding Company (MIHC), has reported consolidated net profits of EGP17,692m ($356m) for the financial year ended 30 June 2024 (FY2024), compared to EGP6,562m for FY2023, chalking up a growth rate of 170%.
The financial performance of Misr Insurance Company, Egypt's biggest non-life insurer, is viewed as good, with a net income return on average equity of 12% in FY24 and an average of 13% over the past five years, says Fitch Ratings.
Amenli, an InsurTech brokerage licensed by the Financial Regulatory Authority (FRA), has secured a new funding round of $2.3m aimed at accelerating its growth and enhancing its service offerings.
The availability of data is important to support the insurance sector while the lack of data poses a major challenge that affects risk assessment and determining insurance prices, according to Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA).
The Financial Regulatory Authority (FRA) has directed life insurance companies operating in the Egyptian market to look into the credit standing of insurance applicants who wish to buy policies with high insured sums.
The Insurance Federation of Egypt (IFE) is working with the Financial Regulatory Authority (FRA) to launch an index-based insurance product, according to Mr Alaa El-Zoheiry, IFE chairman.
The Financial Regulatory Authority (FRA) has formed specialised committees and working groups to prepare and draft executive controls and decisions for the insurance industry, alongside holding an open dialogue with all relevant parties on new regulations.
The microinsurance segment in Egypt generated premiums totalling EGP377m ($7.7m) and paid out compensation of EGP193m in 2023, according to data from the Financial Regulatory Authority (FRA).