Insurance
From The Report: Egypt 2020
View in Online Reader

Although Egypt’s insurance sector has shown strong growth over the past decade, it faces a challenging period in FY 2020/21. An ongoing process of regulatory reform promises to strengthen the legislative platform that underpins the industry, but it is likely to result in short-term difficulties for some sections of the market, compounded by the disruption caused by Covid-19. Nevertheless, the sector’s fundamentals support a positive outlook for long-term expansion, and Fitch Ratings forecasts that the life and non-life segments will see average annual growth of 5.9% and 9.9% per year, respectively, between 2020 and 2024. Given that premium as a percentage of GDP is less than 1%, the regulatory shift towards greater insurance penetration and wider financial inclusion should support the sector’s development in the coming years. This chapter contains an interview with Mohammed Omran, Chairman of the Financial Regulatory Authority. ¬

Articles from this Chapter

Overview

Coverage for all: New regulations are set to alter the sector landscape over the medium to long term
OBG
plus

Egypt’s insurance sector faces a challenging period in FY 2020/21. An ongoing process of reform promises to strengthen the legislative and regulatory platform that underpins the industry, but is likely to result in short-term difficulties for some sections of the market. The effects of the Covid-19 pandemic, meanwhile, have disrupted business and undermined growth prospects around the globe. Nevertheless, the domestic industry has weathered economic storms in the past and its fundamentals…

Interview

Important steps: Mohammed Omran, Chairman, Financial Regulatory Authority (FRA), on changes to the insurance market caused by Covid-19
OBG
plus

Interview:Mohammed Omran How has the recent economic volatility affected demand for insurance, and to what extent can the sector contribute to Egypt’s recovery post-Covid-19? MOHAMMED OMRAN: The insurance sector is one of Egypt’s most important sectors and it has a vital role to play in supporting companies, individuals and the wider economy in the recovery from the effects of the lockdown measures, which had a noticeable impact on income and revenue. There is no doubt that the economic…