Life insurance - Egypt
Egypt- The Life insurance market market in Egypt is expected to witness significant growth in the coming years.
- According to projections, the market size, measured by gross written premium, is estimated to reach US$2.97bn in 2024.
- This indicates a promising future for the Life insurance market sector in Egypt.
- Furthermore, the average spending per capita in the Life insurance market market is predicted to amount to US$25.97 in 2024.
- This figure showcases the increasing importance and demand for Life insurance market coverage among individuals in Egypt.
- Moreover, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 4.17%.
- This growth trajectory is expected to result in a market volume of US$3.65bn by 2029.
- These numbers demonstrate the potential for expansion and development within the Life insurance market market in Egypt.
- In comparison to other countries on a global scale, the United States is projected to generate the highest gross written premium in 2024, reaching a staggering US$1.3tn.
- This highlights the dominance of the United States in the global Life insurance market market.
- As Egypt's Life insurance market market continues to evolve and expand, it presents opportunities for both insurers and consumers alike.
- The projected growth and increasing market volume indicate a positive outlook for the Life insurance market industry in Egypt.
- Egypt's life insurance market is experiencing a steady growth due to increased awareness and demand for financial security among the population.
Definition:
Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. 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.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, and the share of insureds in the total population for over 50 countries.In-Scope
- Death benefit insurance
- Endowment insurance
- Disability insurance
- Dowry insurance
- Birth insurance
- Term life insurance
- Whole life insurance
- Universal life insurance
- Burial insurance
- Other types of life insurance
Out-Of-Scope
- Health Insurance
- All non-life insurance types
- Reinsurance
