Reinsurance in Egypt, Key Trends and Opportunities to 2017

Date: 2015-09

The political upheaval which began in Egypt in 2011 had a drastic economic impact on the country. The GDP growth rate declined from 5.1% in 2011 to 1.8% in 2011 and 2.2% in 2012. According to the Insurance Federation of Egypt (IFE), the political violence in 2011 led to losses of EGP1 billion (US$0.17 billion). In this challenging environment, reinsurance companies enforced stricter conditions in renewal agreements. In the absence of specialized domestic reinsurance companies, Egyptian insurers cede to foreign reinsurance companies such as African Re and Misr Insurance Company. Demand for reinsurance grew at a compound annual growth rate (CAGR) of 20.3% during the review period (2008–2012), and the written premium of the Egyptian reinsurance segment increased from EGP0.21 billion (US$40 million) in 2008 to EGP0.45 billion (US$74 million) in 2012.

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