Insurance

The three years since the 2011 revolution have proven to be profitable for most of Egypt’s insurers, making it one of the few sectors to overcome the country’s economic malaise. Insurance companies collected LE13bn ($1.85bn) in premiums in the 2012/13 financial year, an increase of 18% from LE11bn ($1.56bn) in 2011/12. However, by most measures, Egypt’s insurance market remains small relative to those in the developed world and state players continue to dominate the arena. Although the insurance sector has fared better than most others in the turmoil that has engulfed Egypt, and has even seen its profits rise, industry players are hoping a period of greater stability will yield even better results and help to stimulate growth, expansion and profitability.

This chapter contains interviews with Sherif Samy, Chairman, Egyptian Financial Supervisory Authority (EFSA) and Abdel Raouf Kotb, Chairman, Insurance Federation of Egypt.