The Financial Regulatory Authority is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.
Egypt's House of Representatives has given its in-principle approval for a draft unified insurance law that has been tabled in the parliament for several months.
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.