Increasing number of insurers in Egypt

According to the Insurance Regulatory Authority (FRA), the Egyptian market is booming. As of 30 June 2019, the number of insurance companies totaled 38 compared to 37 and 32 on the same month respectively in 2018 and 2014.

There are 542 subsidiaries and 1967 insurance agency. The market is made up of 98 direct insurance brokerage companies and 13 500 individual brokers.

During the year 2018/2019, the market recorded 35.2 billion EGP (2.1 billion USD) worth of premiums, up 19.3% compared to the year 2017/2018. The fiscal year in Egypt runs from the 1st July of a given year Y to 30 June of the following year Y+1.

Read also | Top 10 insurance companies in Egypt