Egypt Financial Services Articles & Analysis

Chapter | Insurance from The Report: Egypt 2018

With the largest population in the Middle East, a relatively developed life insurance industry and a government determined to pursue ambitious infrastructure development, Egypt is a promising market for both domestic and foreign insurers. There are currently 34 insurance and reinsurance companies in Egypt and despite concerns regarding sector privatisation, regulatory changes such as proposed...

As Egypt enters 2018, a newly liberalised local currency and the recent implementation of a much-anticipated investment framework have left the country well positioned for continued economic expansion: the IMF expects GDP growth to reach 4.5% in 2018 and accelerate to around 6% over the medium term.

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How has the currency flotation affected Egypt’s economy?

Egypt has outlined a series of reforms aimed at expanding insurance penetration, with the expectation that regulatory measures, coupled with the rollout of universal health coverage, will lead to a doubling of premiums within the next five years.

 

How has the insurance sector been affected by recent reforms and policy changes?

 

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-...

 

The published draft of the new banking law, the latest reform from the Central Bank of Egypt (CBE), was made public in July 2017, and its potential changes fast became a major talking point for the sector. Formulated after lengthy consultation with global experts – which included meetings with the IMF, the World Bank and the Bank of England –...