Egypt Insurance Report Q3 2014 - New Market Research Report

From: Fast Market Research, Inc.
Published: Thu Jul 31 2014

Overall, we anticipate that Egypt's insurance sector will enjoy steady growth over the forecast period. It should benefit from a period of stability, following political and economic volatility over the last few years. Challenges will continue to hinder the sector, particularly the non- life segment, as the central government attempts to reduce subsidies and high levels of debt. Moreover, we see little evidence of consolidation among non-life insurers, who will continue to achieve sub-prime profit due to extensive use of outwards re-insurance. Nevertheless, the market has shown itself to be remarkably resilient. In light of this, and regulatory changes, we may revise our forecasts upwards in the near future.

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As of late-2014 premiums have recorded steady growth, despite continuing political instability. The Egyptian Financial Supervisory Agency (EFSA), the regulator of the non-bank financial sector, as well as other government ministries and agencies, have made a number of positive changes to the laws and regulations governing the insurance sector. EFSA remains committed to boosting the public's usage of and understanding of insurance. We anticipate that the lifting of the ban on bancassurance, the distribution of insurance products via banks, could give the market a significant boost. This is particularly relevant to smaller insurers, who lack alternative means of distribution.

Overall growth should be driven by the country's wider economic performance and the potential for greater political stability. As such we do not anticipate the insurance sector to establish a greater share of GDP, with little evidence of an alteration in the market's overall competitive landscape. Takaful insurance remains at an embryonic stage of development; however, it has the potential to be a source of significant growth. In part, this is due to the fact that it comes off a low base, commanding only a fraction of the market. However, takaful insurers have also...

The Egypt Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Egypt Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Egyptian insurance industry.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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