Insurance
From The Report: Egypt 2014
View in Online Reader

The three years since the 2011 revolution have proven to be profitable for most of Egypt’s insurers, making it one of the few sectors to overcome the country’s economic malaise. Insurance companies collected LE13bn ($1.85bn) in premiums in the 2012/13 financial year, an increase of 18% from LE11bn ($1.56bn) in 2011/12. However, by most measures, Egypt’s insurance market remains small relative to those in the developed world and state players continue to dominate the arena. Although the insurance sector has fared better than most others in the turmoil that has engulfed Egypt, and has even seen its profits rise, industry players are hoping a period of greater stability will yield even better results and help to stimulate growth, expansion and profitability.

This chapter contains interviews with Sherif Samy, Chairman, Egyptian Financial Supervisory Authority (EFSA) and Abdel Raouf Kotb, Chairman, Insurance Federation of Egypt.

Articles from this Chapter

Overview

New products and premium growth bolster the sector
OBG
plus

The three years since the 2011 revolution have proven to be profitable for most of Egypt’s insurers, making it one of the few sectors to overcome the country’s economic malaise. Although insurers have been faced with substantial payouts as a result of civil disturbances, premiums have grown and new products have been developed to meet the increasing demand for cover. However, by most measures, Egypt’s insurance market remains small relative to those in the developed world and state players…

Interview

OBG talks to Sherif Samy, Chairman, Egyptian Financial Supervisory Authority (EFSA)
OBG
plus

Interview:Sherif Samy What will be the impact of EFSA’s 2014 Action Plan on the insurance sector? SHERIF SAMY: The EFSA has issued several directives. They will primarily address: rules regarding the insurance intermediary activity by individuals and companies; conditions with which insurance companies should abide when establishing various types of open-ended or closed investment and money market funds; a directive regarding contracting registered asset managers to manage insurance companies’…

Analysis

Increasing access: Improving health cover and expanding penetration are top priorities
OBG
plus

Given the size of its population and the sophistication of its financial services sectors, the growth of Egypt’s insurance industry remains modest. The country’s insurance penetration rate – the gross value of its insurance premiums as a percentage of GDP – was only 0.73% in 2012, according to Swiss Re’s report “World Insurance in 2012.” Penetration The average insurance penetration rate in Africa was 3.65%, although the continent’s overall performance is skewed by the South African…

Interview

OBG talks to Abdel Raouf Kotb, Chairman, Insurance Federation of Egypt
OBG
plus

Interview:Abdel Raouf Kotb What challenges affect micro-insurance in Egypt? ABDEL RAOUF KOTB: Micro-insurance is an essential financial arrangement for protecting low-income people in exchange for regular premium payments proportionate to the likelihood and cost of their risks. The main challenges include technical obstacles, such as those found in underwriting and collecting premiums for life insurance, or designing products that balance pricing and scale to achieve a profit. Marketing constraints,…

Interview

OBG talks to Abdel Raouf Kotb, Chairman, Insurance Federation of Egypt
OBG
plus

Interview:Abdel Raouf Kotb What challenges affect micro-insurance in Egypt? ABDEL RAOUF KOTB: Micro-insurance is an essential financial arrangement for protecting low-income people in exchange for regular premium payments proportionate to the likelihood and cost of their risks. The main challenges include technical obstacles, such as those found in underwriting and collecting premiums for life insurance, or designing products that balance pricing and scale to achieve a profit. Marketing constraints,…