Insurance

With the largest population in the Middle East and a relatively established insurance sector, Egypt has long been a promising market for insurers. Domestically licensed companies have shown strong growth in recent years, driven by public expenditure on capital projects and increasing private sector activity. However, the sector’s impact on the lives of ordinary Egyptians has been limited, with 1% of the population covered, compared to a global average of over 6% and an African average of nearly 3%. The low penetration rates highlight considerable potential for further expansion, into which authorities aim to tap and double the market’s premiums by 2024. A new insurance law is expected to function as a legislative platform for future growth.