Life Insurance in Egypt, Key Trends and Opportunities to 2017

Date: 2015-09

The political revolution that began in 2011 continues to suppress the Egyptian economy. GDP growth declined from 5.1% in 2010 to 1.8% in 2011. The economy is struggling with reductions in foreign direct investment, inflation and high unemployment. Revenues from tourism were negatively affected by the political upheaval, while the Egyptian insurance industry maintained growth. The countryโ€™s life insurance segment, which accounted for 46.5% of the insurance industryโ€™s gross written premium, expanded at a CAGR of 8.1% during the review period (2008โ€“2012). The written premium of the segment valued EGP4.5 billion (US$0.7 billion) in 2012. In 2012, individual life insurance accounted for the highest share of the life segment with 41.6%, followed by pensions with 21.6%. The increasing population and rising awareness at times of uncertain political and economic conditions supported the growth. The segment is highly concentrated, with the five leading life insurers accounting for 99.1% of the total gross written premium in 2012.

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