Property Insurance - Egypt | Statista Market Forecast

The Property Insurance market market in Egypt is expected to reach a projected market size of US$333.50m in 2024.
On an individual level, the average spending per capita in Property Insurance market is estimated to be US$2.91 in the same year.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.11%, leading to a market volume of US$515.80m by 2029.
It is worth noting that, in a global context, the United States is projected to generate the highest gross written premium with a value of US$240.4bn in 2024.
The property insurance market in Egypt is experiencing a surge in demand due to increased construction activities and a growing awareness of the importance of insurance coverage.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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 for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Egypt has been experiencing significant growth and development in recent years. Customer preferences in the Egyptian Property Insurance market are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover property damage but also offer additional benefits such as liability coverage and protection against natural disasters. Trends in the market indicate a growing awareness among Egyptian property owners about the importance of insurance coverage. This increased awareness is being driven by various factors such as urbanization, which is leading to higher property values and a greater need for insurance protection. Additionally, regulatory changes in the insurance industry are also influencing the market dynamics and pushing more individuals to secure property insurance. Local special circumstances in Egypt, such as the country's vulnerability to natural disasters like floods and earthquakes, are playing a significant role in driving the demand for Property Insurance. These unique risk factors specific to the region are prompting property owners to seek comprehensive insurance coverage to safeguard their assets against potential damages. Underlying macroeconomic factors, including Egypt's stable economic growth and increasing disposable income levels, are also contributing to the development of the Property Insurance market. As the country's economy continues to expand, more individuals are investing in real estate properties, thereby creating a larger customer base for insurance providers in the property sector. Additionally, favorable government initiatives and regulations are further supporting the growth of the insurance market in Egypt.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.