Insurances

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$3.8tn 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$3.8tn 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.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.