State owned insurers in Egypt, which are the largest companies in the non-life and life sectors, saw a decline in their market share in the last fiscal year ended 30 June 2019 (FY2019), according to data from the Financial Regulatory Authority.
Misr Insurance, which carries out non-life business, posted premiums of EGP7.3bn ($462m), or 40.3% of total non-life premiums in FY2019. Its market share was 44.1% in FY2018, reported Al Mal quoting the official data.
Misr Life Insurance posted premiums of EGP4.4bn, or 28.8% of total non-life premiums in FY2019. Its market share stood at 32.7% in FY2018.
Overall, the insurance market in Egypt saw total premiums surge to EGP33.4bn during FY2019, compared to EGP27.8b in the previous financial year.
P&C insurers accounted for 54.2% of the total premiums in FY2019, amounting to EGP18.1bn whereas life insurers accounted for the remaining 45.8%, amounting to EGP15.3bn.