Egypt's Financial Regulatory Authority adopts a package of measures to implement the new Unified Insurance Law with technology and modernisation of the sector being a top priority.
The insurance market in Egypt achieved notable growth in terms of premium income in the first 10 months of the past year, mainly driven by the rise in property and liability operations.
Egypt's state-owned general insurer, Misr Insurance Company (Misr Insurance), and the UAE-based Al Ain Ahlia Insurance Company have entered a strategic partnership to enhance cooperation in the fields of digital transformation between the two companies, as well as develop insurance products, exchange scientific expertise, improve the level of training and exchange expertise; in the interest of both companies, said a statement issued by Egypt's Ministry of Investment and Foreign Trade (MIFT).
Orient Group, the UAE's biggest insurer in terms of insurance income and profits, is on an expansion drive that includes opening new branches in the Gulf and Middle East countries and abroad, according to Mr Omer Elamin, president of Orient Group and chairman of Orient Takaful Insurance Egypt.
Insurers in Egypt are projecting that medical costs would jump by 31% in 2025, says WTW, a leading global advisory, broking and solutions company. WTW is anticipating instead a higher medical trend rate of 35% next year.
Delta Insurance, which is listed on the Egyptian Exchange, has received acquisition offers from AXA Egypt and Wafa Life Insurance Egypt.
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.