Insurance

The Egyptian insurance industry is characterised by considerable competition on price, low market penetration and the continued dominance of the state-backed Misr Insurance. Total insurance premiums, including inward reinsurance and direct written premiums, rose to $1.57bn in 2011/12, an 8.7% increase over the previous year. Total investment by insurance firms amounted to $5.5bn in 2011/12, up 9.4% year-on-year, and income from investments rose to $477m. There are 30 companies active in the market. Of these, 18 are property and casualty firms, while 10 are life and personal insurance groups, with the remaining two an export credit guarantee company and a cooperative insurance society. With insurance uptake low even by North African regional standards, there is ample room for growth. This chapter contains an interview with Ashraf Kadry El Sharkawy, Former Chairman, Egyptian Financial Supervisory Authority (EFSA).