Insurances - Egypt

Egypt

The Insurances market in Egypt is expected to reach a projected market size (gross written premium) of US$4.49bn in 2024.
Among the different segments, Life insurances dominate the market with a projected market volume of US$2.97bn in 2024.
The average spending per capita in the Insurances market is estimated to be US$39.21 in 2024.
When compared globally, the United States is projected to have the highest nominal value in the Insurances market, reaching US$3,788.0bn in 2024.
The gross written premium is expected to grow at an annual rate of 4.70% (CAGR 2024-2029), resulting in a market volume of US$5.65bn by 2029.
Once again, the United States is expected to generate the most gross written premium in the global comparison, reaching US$3,788.0bn in 2024.
The insurance market in Egypt is experiencing a surge in demand for health and life insurance products due to increasing awareness of the importance of financial security.

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Analyst Opinion

The Insurances market in Egypt is experiencing significant growth and development. Customer preferences in the insurance market in Egypt are shifting towards more comprehensive coverage options, including health and life insurance, as individuals seek greater financial security and protection for themselves and their families. This trend mirrors global patterns where consumers are increasingly prioritizing insurance products that offer long-term benefits and peace of mind. Trends in the market in Egypt indicate a rise in digitalization and the adoption of online insurance platforms, making it more convenient for customers to compare different insurance policies and make purchases. This digital transformation is driving competition among insurance providers to enhance their online presence and offer seamless customer experiences, similar to trends seen in other emerging markets. Local special circumstances, such as regulatory reforms and government initiatives to promote insurance penetration, are playing a crucial role in shaping the insurance market in Egypt. The introduction of new regulations and policies aimed at increasing transparency and consumer protection is boosting confidence in the insurance sector and attracting more individuals to invest in insurance products. Underlying macroeconomic factors, including a growing middle class, increasing disposable income, and a young population, are driving the expansion of the insurance market in Egypt. As more Egyptians enter the workforce and prioritize financial planning, the demand for insurance products is expected to continue rising, creating opportunities for both domestic and international insurance companies to establish a stronger presence in the market.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.