Life Insurance in Egypt, Key Trends and Opportunities to 2018

Date: 2015-09

The political upheaval of 2011 is still affecting Egypt, and the country is moving through a transitional phase with low level of foreign direct investment (FDI), a high budget deficit, rising poverty rates and high unemployment. The difficult political situation had a negative effect on Egyptian life insurers in 2013. The Egyptian life insurance segment accounted for 41.2% of the industryโ€™s gross written premium in 2013. The segment grew at a review-period CAGR of 14.4% in 2013. Individual life accounted for the highest share among all categories in the segment with 32.4% in 2013, followed by group whole life with 19.5%. The extraordinarily low life insurance penetration of 0.30% not only presents numerous growth opportunities for existing insurers, but also encourages other multinationals to enter the segment. The government is creating a favorable environment for the industry, and the reintroduction of bancassurance and allowance of professionally managed mutual funds should benefit the segment.

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