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 4.21%.
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$1,288.0bn.
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.

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Analyst Opinion

Egypt's Life insurance market has been experiencing significant growth and development in recent years. Customer preferences in Egypt show a growing interest in life insurance products as individuals seek financial security and protection for their families. This trend aligns with global patterns of increasing awareness about the importance of insurance coverage for personal risk management. Trends in the Egyptian Life insurance market include a shift towards more diverse product offerings to cater to the evolving needs of customers. Insurers are introducing innovative solutions and digital platforms to enhance accessibility and customer experience, reflecting a broader trend towards digitalization in the insurance industry. Local special circumstances in Egypt, such as a young and growing population with rising disposable income, create a favorable environment for the expansion of the Life insurance market. Additionally, regulatory reforms and government initiatives to promote insurance penetration contribute to the market's development. Underlying macroeconomic factors, such as economic growth, stability, and increasing urbanization, play a crucial role in driving the demand for life insurance in Egypt. As the economy continues to expand and consumer awareness grows, the Life insurance market is expected to further prosper in the country.

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.