Egyptian insurance market: expected premium growth in 2021

According to the estimates of the Chairman of the Insurance Federation of Egypt (IFE), Alaa El-Zoheiry, the Egyptian insurance market is expected to witness a 12% turnover increase in 2021 against 11.4% in 2020.

Premium growth is expected to be driven by the increase in insurance premium rates and the launch of new microinsurance products. The adoption of digital tools by insurers for the underwriting of contracts and the development of bancassurance also figure among the factors contributing to the sector's growth.

Furthermore, according to A. El-Zoheiry, the introduction of new categories of compulsory insurance represents an opportunity for the market development.