Insurance

Although Egypt’s insurance sector has shown strong growth over the past decade, it faces a challenging period in FY 2020/21. An ongoing process of regulatory reform promises to strengthen the legislative platform that underpins the industry, but it is likely to result in short-term difficulties for some sections of the market, compounded by the disruption caused by Covid-19. Nevertheless, the sector’s fundamentals support a positive outlook for long-term expansion, and Fitch Ratings forecasts that the life and non-life segments will see average annual growth of 5.9% and 9.9% per year, respectively, between 2020 and 2024. Given that premium as a percentage of GDP is less than 1%, the regulatory shift towards greater insurance penetration and wider financial inclusion should support the sector’s development in the coming years. This chapter contains an interview with Mohammed Omran, Chairman of the Financial Regulatory Authority. ¬