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Egypt Insurance Report Q2 2016

Egypt Insurance Report Q2 2016

BMI View: Egypt's insurance market offers significant growth potential. Average household income ratesare improving which will increase the affordability of a range of life and non-life products. Demand for keylines, such as motor and health insurance, remains high and we are seeing a broadening in the range ofproducts available in the market. Key to growth will be the expansion of takaful and microinsuranceproducts which will enable insurers to access to the large first time user market. Barriers to growth remain,however, including a fragmented marketplace and uncertain regulatory environment.

Key Updates And Forecasts

Takaful insurance is growing rapidly in Egypt. The Secretary-General of Insurance Federation of Egypt,Abdel-Raouf Kotb, recently reported that takaful insurance now accounts for 11% of the country'sinsurance market.

Work continues on drafts of a new health insurance bill which is expected to be presented by governmentto parliament. The new health insurance law will include the introduction of health insurance paymentsand will expand coverage, though we note it has come under significant criticism from medicalpractitioners in the country.

Demand for property and motor insurance will be some of the key drivers of growth in the Egyptian nonlifesector where we expect premiums to grow by an annual average of 11.2% (in local currency terms)between 2016 and 2020.

Substantial growth is also expected in the slightly smaller life insurance segment, where we expectpremiums to grow by an annual average of just under 13.0% over the forecast period, increasing fromEGP8.2bn in 2016 to EGP13.0bn in 2020.

BMI Industry View
Table: Headline Insurance Forecasts (Egypt 2013-2020)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Egypt 2013-2020)
Table: Life Insurance Claims (Egypt 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Egypt 2013-2020)
Table: Non-Life Insurance Claims (Egypt 2009-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Egypt 2013-2020)
Insurance Risk/Reward Index
Sub-Saharan Africa Risk/Reward Index
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market (USDmn), 2011-2012
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market (USDmn), 2011-2012
Company Profile
American International Group (AIG)
Gulf Insurance Group (GIG)
Misr Insurance Holding Company
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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