The Egyptian insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Egypt Insurance Supervisory Authority
  • Premiums (2006): 836 millions USD
  • Insurance density (2006): 10.88 USD
  • Penetration rate (2006): 0.81%

Market structure in 2006

  • Life companies: 5
  • Non life companies: 9
  • Composite companies: 6
  • Reinsurance company: 1

Identity

  • Area: 1 001 450 Km2
  • Population (2006): 76 800 000 inhabitants
  • GDP (2006): 103.5 billion USD
  • GDP per capita (2006): 1348 USD
  • GDP growth rate (2006): 5.96%
  • Inflation rate (2006): 4.3%
  • Main economic sectors: tourism, textile industry, agriculture (cotton, rice), gas, oil

Major cities

(in number of inhabitants)
  • Cairo (capital): 16 millions
  • Alexandria: 4.5 millions
  • Suez: 584 000
  • Port Said: 548 000
 

Non life premiums split by class of business1: 2002-2006

in thousands USD
Classes of business20022003200420052006
Fire
57 00152 14450 16960 00266 373
Marine
76 64874 788111 272143 67599 586
Motor
100 82279 96786 981100 881114 124
Health
8 3386 8577 70911 81923 712
Engineering
25 41526 36958 69448 16451 739
Other risks2
27 58876 90990 304119 692137 863
Total
295 812 317 034 405 129 484 233 493 397
1 Direct business only 2 Including oil

Loss ratios1: 2002-2006

Classes of business20022003200420052006
Fire
24.127.246.3123.6(27.8)
Marine cargo
42.8101.22746(1.9)
Inland transport
6.82.816.498.1116.9
Marine hull
100.7146.583.648.183.9
Aviation
338.562.241.1(5.3)(6.1)
Motor comprehensive
61.959.969.163.568.2
Motor act
193.9253.6291.6412.9723.8
Engineering
26.8128.113.141.252.8
Oil
34.746.41.1719.565.7
Accident
29.527.37.727.516.4
Health
98.390.6106.5103.593.9
Total
86.5 74.5 49.9 148.8 69.9
1 Direct business only

Non life results breakdown: 2002-2006

in thousands USD
Classes of business20022003200420052006
Fire
25 76516 88214 52429 50324 320
Marine
31 24127 59438 68956 53462 213
Motor
7 997(8 987)(23 122)(22 598)(96 780)
Health
1 205(520)(1 549)(1 593)(3 218)
Engineering
8 5227 7526 80215 46710 810
Other risks1
18 56614 23227 32114 01750 164
Total
93 296 56 953 62 665 91 330 47 509
1 Including oil
Exchange rate
EGD/USD as at 31/12
2002
2003
2004
2005
2006
0.217
0.163
0.165
0.175
0.176

Source: The annual report of the Egypt Insurance Supervisory Authority (EISA)
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