Includes 3 FREE quarterly updates
Key Insights And Key Risks
The Egypt Insurance Report considers the prospects for both life and non-life insurers in the country. Thanks, in part, to the political unrest that has swept Egypt since early 2011, the insurance sector has moved from an era of growth to one of stagnation. Prior to late 2010, the outlook had looked promising. Life density was growing quite steadily. The substantial private insurance funds, which provide basic protectiontype products - had underpinned the growth of the sector in years where demand for more sophisticated products had consolidated. Although non-life penetration had been contracting, the overall growth of the economy meant that non-life premiums rose steadily in absolute terms. By combining three state-owned insurance companies and one state-owned reinsurer under the aegis of Misr Insurance Holding Company, the government could reasonably hope to achieve meaningful synergy benefits for one of the Middle East's largest composite insurance groups. As is not the case in most other countries in the region, there were no restrictions on foreign participation in the industry. Nor was the non-life segment characterised by cut-throat competition which had crimped profitability for most players.
As of late 2012, it appears that the insurance sector was able to absorb the substantial claims and losses arising from the civil unrest of early 2011. However, most of the other newsflow in recent months has been disappointing. The limited data that has been published suggests that, overall, growth in premiums over the last year or so has been slow. There seems to have been no obvious progress towards regulatory or legislative changes that would revive bancassurance, promote health insurance or encourage the private health funds. Nor has there been any apparent progress towards removing the impediments that hinder the development of Egypt's embryonic takaful sector.
Key Insights And Key Risks
The Egypt Insurance Report considers the prospects for both life and non-life insurers in the country. Thanks, in part, to the political unrest that has swept Egypt since early 2011, the insurance sector has moved from an era of growth to one of stagnation. Prior to late 2010, the outlook had looked promising. Life density was growing quite steadily. The substantial private insurance funds, which provide basic protectiontype products - had underpinned the growth of the sector in years where demand for more sophisticated products had consolidated. Although non-life penetration had been contracting, the overall growth of the economy meant that non-life premiums rose steadily in absolute terms. By combining three state-owned insurance companies and one state-owned reinsurer under the aegis of Misr Insurance Holding Company, the government could reasonably hope to achieve meaningful synergy benefits for one of the Middle East's largest composite insurance groups. As is not the case in most other countries in the region, there were no restrictions on foreign participation in the industry. Nor was the non-life segment characterised by cut-throat competition which had crimped profitability for most players.
As of late 2012, it appears that the insurance sector was able to absorb the substantial claims and losses arising from the civil unrest of early 2011. However, most of the other newsflow in recent months has been disappointing. The limited data that has been published suggests that, overall, growth in premiums over the last year or so has been slow. There seems to have been no obvious progress towards regulatory or legislative changes that would revive bancassurance, promote health insurance or encourage the private health funds. Nor has there been any apparent progress towards removing the impediments that hinder the development of Egypt's embryonic takaful sector.
BMI Industry View
Egypt Insurance
Executive Summary
Table: Total Premiums, 2010-2017
SWOT
Insurance
Political
Economic
Business Environment
Regional Overview
MEA Life Sector Overview
Middle East and Africa (MENA) Life Sector Overview
Table: Middle East And North Africa's Life Premiums, 2010-2017 (US$mn)
MEA Non Life Sector Overview
Middle East And Africa Non-Life Sector Overview
Table: Middle East And North Africa's Non-Life Premiums, 2010-2017 (US$mn)
Industry Forecast
Egypt - Life
Table: Life Premiums, 2010-2017
Egypt - Non Life
Table: Total Non-Life Premiums 2010-2017
Market Overview
Life Sector Update
Non Life Sector Update
Industry Trends And Developments
Life Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics, 2010-2017
Non Life Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Egypt Economic Analysis, 2009-2017
Political Stability Outlook
Table: Middle East And Africa Defence & Security Ratings
Healthcare Insurance
Table: Beneficiaries from Health Insurance System, 1999-2008
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2010-2017
Motor
Islamic Insurance
Industry Risk Reward Ratings
Insurance Risk Reward Ratings
Table: Egypt's Insurance Risk/Reward Ratings
Table: Middle East And Africa Insurance Risk/Reward Ratings
Competitive Landscape
Egypt Q1 2013
Company Profile
AIG
Allianz
Gulf Insurance Company
MetLife ALICO
Misr Insurance Holding Company
ACE Group
Demographic Forecast
Egypt Demographic Data
Table: Egypt's Population By Age Group, 1990-2020 ('000)
Table: Egypt's Population By Age Group, 1990-2020 (% of total)
Table: Egypt's Key Population Ratios, 1990-2020
Table: Egypt's Rural And Urban Population, 1990-2020
Methodology
BMI Insurance Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Ratings Indicators And Rationale
Weighting
Table: Weighting Of Indicators
Egypt Insurance
Executive Summary
Table: Total Premiums, 2010-2017
SWOT
Insurance
Political
Economic
Business Environment
Regional Overview
MEA Life Sector Overview
Middle East and Africa (MENA) Life Sector Overview
Table: Middle East And North Africa's Life Premiums, 2010-2017 (US$mn)
MEA Non Life Sector Overview
Middle East And Africa Non-Life Sector Overview
Table: Middle East And North Africa's Non-Life Premiums, 2010-2017 (US$mn)
Industry Forecast
Egypt - Life
Table: Life Premiums, 2010-2017
Egypt - Non Life
Table: Total Non-Life Premiums 2010-2017
Market Overview
Life Sector Update
Non Life Sector Update
Industry Trends And Developments
Life Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics, 2010-2017
Non Life Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Egypt Economic Analysis, 2009-2017
Political Stability Outlook
Table: Middle East And Africa Defence & Security Ratings
Healthcare Insurance
Table: Beneficiaries from Health Insurance System, 1999-2008
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2010-2017
Motor
Islamic Insurance
Industry Risk Reward Ratings
Insurance Risk Reward Ratings
Table: Egypt's Insurance Risk/Reward Ratings
Table: Middle East And Africa Insurance Risk/Reward Ratings
Competitive Landscape
Egypt Q1 2013
Company Profile
AIG
Allianz
Gulf Insurance Company
MetLife ALICO
Misr Insurance Holding Company
ACE Group
Demographic Forecast
Egypt Demographic Data
Table: Egypt's Population By Age Group, 1990-2020 ('000)
Table: Egypt's Population By Age Group, 1990-2020 (% of total)
Table: Egypt's Key Population Ratios, 1990-2020
Table: Egypt's Rural And Urban Population, 1990-2020
Methodology
BMI Insurance Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Ratings Indicators And Rationale
Weighting
Table: Weighting Of Indicators
