GlobalData Plc: Egypt Insurance Market Forecast to Grow by More Than 14% by 2025

GlobalData Plc

The Egypt insurance market size was valued at $2.54 billion in 2020

LONDON, May 11, 2022 (GLOBE NEWSWIRE) -- The market is projected to grow at a CAGR of more than 14% during the forecast period. Despite the challenges caused by the COVID-19 pandemic, the Egyptian insurance industry witnessed growth in 2020. The government’s quick measures and stimulus packages to combat the pandemic helped the insurance industry to maintain growth in 2020.

The Egypt insurance market research report offered by GlobalData Plc provides historical values for Egypt’s insurance segment for the report’s review as well as the forecast period. It offers a detailed analysis of the key categories in Egypt’s insurance segment, and market forecasts till 2025. Furthermore, it profiles the top life insurance companies in Egypt and outlines the key regulations affecting them.

Egypt Insurance Market Outlook

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Key Egypt Insurance Market Trends

Telehealth has gained prominence in the Egyptian insurance industry, mainly due to the outbreak of the COVID-19 pandemic, as well as socio-economic restrictive measures imposed by the government. In April 2020, AXA Egypt introduced several healthcare services to its customers which include home healthcare services, and medical consultations through its mobile application, including medicine delivery, screening, testing, and analysis of health issue services at home for its clients.

In August 2020, the Ministry of Health announced that the Public Health Care Authority launched a telemedicine services application to provide online medical services in the Egyptian health insurance system. The application, named ‘Al-Balto’, provides medical services in specializations such as pediatrics, dermatology, obstetrics, gynecology, nutrition, psychology, and venereology diseases, in both Arabic and English.

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Egypt Insurance Market Segments

• Life insurance

• General insurance

The general insurance segment dominated the general insurance market in 2020. It was mainly driven by property insurance and non-life PA&H insurance. The demand for motor insurance declined in 2020 due to the strict lockdown and quarantine measures that resulted in a decrease in road traffic and strong competition in the market.

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Leading Insurance Companies in Egypt

• Misr Life Insurance Company

• Allianz Life Insurance – Egypt

• MetLife Egypt

• AXA Life Insurance – Egypt (SAE)

• Suez Canal for Life Insurance

• AXA Egypt Insurance

• Bupa Egypt Insurance Company

• Chubb Life Insurance – Egypt

• Delta Life Assurance

• Egyptian Emirates Takaful Insurance

• QNB Alahli Life Company

• Egyptian Life Takaful Company

• Egyptian Takaful Insurance Property

• Arab Misr Insurance Group gig

• Delta Insurance Company S.A.E.

• Wethaq Takaful Insurance

• Royal Insurance
  
  

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Egypt Insurance Market Overview

Market size (2020)	$2.54 billion
CAGR	>14%
Forecast period	2021 - 2025
Market Segments	Life Insurance and General Insurance
Leading Companies	Misr Life Insurance Company, Allianz Life Insurance – Egypt, MetLife Egypt, AXA Life Insurance – Egypt (SAE), Suez Canal for Life Insurance, AXA Egypt Insurance, Bupa Egypt Insurance Company, Chubb Life Insurance – Egypt, Delta Life Assurance, Egyptian Emirates Takaful Insurance, QNB Alahli Life Company, Egyptian Life Takaful Company, Egyptian Takaful Insurance Property, Arab Misr Insurance Group gig, Delta Insurance Company S.A.E., Wethaq Takaful Insurance, and Royal Insurance

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to Egypt’s insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends, and growth opportunities in Egypt’s insurance segment.

• Assess the competitive dynamics in the Egyptian insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

FAQs

What was the Egypt insurance market size in 2020?

The insurance market size in Egypt was valued at $2.54 billion in 2020.

What is the Egypt insurance market growth rate?

The insurance industry in Egypt is expected to grow at a CAGR of more than 14% during the forecast period.

What are the key segments in the Egypt insurance market?

The key segments in the Egyptian insurance market are life insurance and general insurance.

Which are the leading companies in the Egypt insurance market?

Some of the leading insurance companies in Egypt are Misr Life Insurance Company, Allianz Life Insurance – Egypt, MetLife Egypt, AXA Life Insurance – Egypt (SAE), Suez Canal for Life Insurance, AXA Egypt Insurance, Bupa Egypt Insurance Company, Chubb Life Insurance – Egypt, Delta Life Assurance, Egyptian Emirates Takaful Insurance, QNB Alahli Life Company, Egyptian Life Takaful Company, Egyptian Takaful Insurance Property, Arab Misr Insurance Group gig, Delta Insurance Company S.A.E., Wethaq Takaful Insurance, and Royal Insurance.

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