Insurance companies operating in the Egyptian market posted combined pre-tax profits of EGP25.9bn ($513.3m) for the financial year ended 30 June 2024 (FY2024), compared to EGP14.06bn for the previous fiscal year, representing a growth rate of 84.2%, according to the annual statistical book issued by the Financial Regulatory Authority (FRA).
Microinsurance is no longer merely a limited-impact insurance product, but has become one of the key tools for achieving economic and social empowerment for marginalised groups and those with limited income, said the vice chairman of the Financial Regulatory Authority (FRA), Dr Islam Azzam.
A law regulating medical liability and patient safety has been published in the Official Gazette that, among other provisions, establishes a government insurance fund.
Gross written premiums for Egypt's insurance market in the first two months of this year reached EGP21.3bn ($420m), up from EGP15bn in the corresponding period in 2024, a jump of 40.5%, according to a recent report published by the Financial Regulatory Authority (FRA).
The Financial Regulatory Authority (FRA) is seeking to launch insurance products, to support carbon certification and sustainable agriculture, according to its chairman, Dr Mohamed Farid. Work is currently underway with the Federation of Egyptian Insurance Companies (FEIC) to study ways to launch a carbon credit insurance policy.
Misr Insurance Company (MIC), Egypt's biggest non-life insurer, has a track record of robust operating performance, notes AM Best.
The Federation of Egyptian Insurance Companies (FEIC), has named several pillars for expanding agricultural insurance coverage in Egypt, particularly among small farmers.
A large proportion of employees believe that mental health support programmes and work-life balance are essential factors in motivating employees and increasing staff loyalty, according to the findings of a survey released by Bupa Egypt Insurance.
The Central Bank of Egypt's decision last week to cut interest rates by 225 basis points has direct and indirect repercussions on the Egyptian insurance market, with the impacts varying depending on the type of insurance and the nature of the companies operating, said Mr Alaa El-Zoheiry, chairman of the Federation of Egyptian Insurance Companies.
The Federation of Egyptian Insurance Companies (FEIC) has highlighted the importance of risk engineering as a strategic tool in risk management and insurance.