Motor Vehicle Insurance - Egypt | Statista Market Forecast

The Motor Vehicle Insurance market market in Egypt is expected to witness significant growth in the coming years.
According to projections, the market size (gross written premium) is estimated to reach US$460.90m in 2024.
This indicates a positive trend and highlights the potential for expansion in the country.
In terms of individual spending, the average per capita expenditure for Motor Vehicle Insurance market is projected to be US$4.03 in 2024.
This figure provides insight into the financial commitment of individuals towards insuring their vehicles, emphasizing the importance of this market segment in Egypt.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.80%.
This steady increase in premium volume suggests a promising future for the Motor Vehicle Insurance market market in Egypt.
By 2029, the market volume is projected to reach US$610.90m, reflecting the growing demand for insurance coverage in the country.
When compared globally, it is noteworthy that the United States is expected to generate the highest gross written premium in the Motor Vehicle Insurance market market.
With an estimated value of US$341.6bn in 2024, the US market stands out as a major player in this industry.
Overall, these numbers and insights highlight the potential and significance of the Motor Vehicle Insurance market market in Egypt.
As the country continues to develop and the demand for vehicle insurance grows, it is expected that this market segment will play a crucial role in ensuring financial security and protection for vehicle owners.
The motor vehicle insurance market in Egypt is experiencing a surge in demand due to the increasing number of cars on the road.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Egypt is experiencing significant growth and evolution, driven by various factors shaping the industry landscape. Customer preferences in the Motor Vehicle Insurance market in Egypt are increasingly leaning towards comprehensive coverage options that provide a wide range of benefits and protections. Customers are placing a higher value on policies that offer not only basic coverage for accidents and damages, but also additional features such as roadside assistance, car replacement services, and coverage for personal belongings inside the vehicle. This shift towards comprehensive coverage reflects a growing awareness among customers about the importance of being adequately protected in all situations. Trends in the market indicate a rising demand for usage-based insurance policies in Egypt. With advancements in telematics technology, insurance companies are able to offer more personalized and flexible insurance options based on individual driving behaviors. This trend is particularly appealing to customers who are looking for ways to save on premiums by demonstrating safe driving habits. By opting for usage-based insurance, policyholders can potentially lower their insurance costs while also promoting safer driving practices on the roads. Local special circumstances in Egypt, such as the high rate of road accidents and traffic congestion in urban areas, are influencing the Motor Vehicle Insurance market in the country. The prevalence of accidents and traffic incidents has led to an increased awareness among Egyptian drivers about the importance of having reliable insurance coverage. As a result, insurance providers are adapting their offerings to cater to the specific needs of customers in Egypt, with a focus on fast claims processing, roadside assistance services, and comprehensive coverage options. Underlying macroeconomic factors, including the overall economic growth and stability in Egypt, are also playing a role in shaping the Motor Vehicle Insurance market. As the economy continues to expand and incomes rise, more individuals are purchasing vehicles and seeking insurance coverage for their cars. This growing market of vehicle owners is driving competition among insurance companies to offer innovative products and services that cater to the evolving needs of customers in Egypt. Additionally, regulatory developments and government initiatives to enhance road safety and insurance penetration are further influencing the dynamics of the Motor Vehicle Insurance market in the country.

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.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.