Egyptian insurance market: 2016-2017

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Magazine Issue:

Training, up against digital shock [3]

Magazine date:

Jul 2018

Egyptian insurance market features

Regulatroy authority: Financial Regulatory Authority (FRA)
Life and non life premiums (2017): 1.244 billion USD
Insurance density (2016): 20.055 USD
Penetration rate (2016): 0.59%

Egyptian insurance market structure in 2017

Insurance companies: 35
Non life insurance companies: 21
Life insurance companies: 14

Profile

Area: 1 010 408 Km²
Population ⁽¹⁾ (2016): 95 688 681 inhabitants
GDP (2016): 332.791 billion USD
GDP per capita (2016): 3 478 USD
GDP’s growth rate (2016): 2.2%
Inflation rate (2016): 6.2%
Main business sectors: tourism, textile industry,
agriculture (cotton. rice), gas, oil

⁽¹⁾ Source World Bank

Major cities

(per number of inhabitants)

Cairo (capital): 19 128 000
Alexandria: 4 863 000
Port Said: 604 000
Suez: 565 000

Egyptian insurance market: Evolution of life and non life insurance premiums 2013-2017

Figures in thousands USD

	2013	2014	2015	2016	2017
Non life	996 579	1 058 275	1 061 507	1 022 025	681 526
Life	754 911	863 054	959 691	944 371	562 643
Total	1 751 490	1 921 329	2 021 198	1 966 396	1 244 169

Read also | Ranking of insurance companies in Egypt [4]

Ranking of non-life insurance companies in Egypt (2016-2017)

Figures in thousands

	2017		2016		2017 shares	2016-2017 evolution ⁽²⁾
	In EGP ⁽¹⁾	In USD	In EGP ⁽¹⁾	In USD	2017 shares	2016-2017 evolution ⁽²⁾
Public sector
Misr Insurance	5 660 190	312 895	4 353 616	493 874	45.9%	30%
Total public sector	5 660 190	312 895	4 353 616	493 874	45.9%	30%
Private sector
Bupa Egypt	858 647	47 466	558 502	63 355	7%	53.7%
Suez Canal Insurance Company	796 769	44 045	615 345	69 805	6.5%	29.5%
Arab Misr Insurance Group gig	752 292	41 587	536 705	60 884	6.1%	40.2%
Orient Takaful Insurance Egypt	562 917	31 118	350 085	39 714	4.6%	60.8%
Allianz Insurance Company	542 088	29 967	344 400	39 069	4.4%	57.4%
Royal Insurance	453 740	25 083	340 822	38 663	3.7%	33.1%
Egyptian for Takaful Insurance	424 164	23 448	302 350	34 299	3.4%	40.3%
AIG	343 501	18 989	262 780	29 810	2.8%	30.7%
Mohandes Insurance Company	319 897	17 684	240 434	27 275	2.6%	33.0%
Axa Insurance	294 133	16 260	86 553	9 819	2.4%	239.8%
Delta Insurance Company	262 088	14 488	221 893	25 172	2.1%	18.1%
Egyptian Saudi Insurance House	211 296	11 680	205 507	23 313	1.7%	2.8%
Wethaq Takaful Insurance	176 264	9 744	115 486	13 101	1.4%	52.6%
Iskan Insurance Company	151 598	8 380	117 207	13 296	1.2%	29.3%
Tokio Marine General Takaful Egypt	138 544	7 659	90 117	10 223	1.1%	53.7%
Arope	127 461	7 046	94 766	10 750	1%	34.5%
Co-operative Insurance Society Egypt	115 636	6 392	86 408	9 801	0.9%	33.8%
United Insurance	67 538	3 733	37 098	4 208	0.6%	82.1%
Chubb Insurance	64 395	3 560	46 166	5 237	0.5%	39.5%
Export Credit Guarantee Company	5 463	302	3 151	357	0.1%	73.4%
Total private sector	6 668 431	368 631	4 655 775	528 151	54.1%	43.2%
Grand total	12 328 621	681 526	9 009 391	1 022 025	100%	36.8%

Egyptian insurance market: Turnover per life insurance company (2016-2017)

Figures in thousands

	2017		2016		Shares	Evolution
	In EGP⁽¹⁾	In USD	In EGP⁽¹⁾	In USD	2017	2016-2017 ⁽²⁾
Public sector
Misr Life Insurance Company	3 306 278	182 771	2 803 972	318 083	32.5%	17.9%
Total public sector	3 306 278	182 771	2 803 972	318 083	32.5%	17.9%
Private sector
MetLife Egypt	2 173 927	120 175	1 404 145	159 287	21.4%	54.8%
Allianz Life	1 538 788	85 064	1 362 529	154 565	15.1%	12.9%
Commercial International Life Insurance *	1 297 792	71 742	1 094 706	124 183	12.8%	18.5%
Suez Canal Life Insurance	551 089	30 464	431 688	48 971	5.4%	27.6%
QNB Alahli Life Insurance	387 313	21 411	318 414	36 121	3.8%	21.6%
Egyptian Life Takaful Company	349 209	19 304	391 423	44 403	3.4%	-10.8%
Chubb Life Insurance Egypt	162 483	8 982	138 791	15 744	1.6%	17.1%
Delta Life Assurance	124 734	6 895	170 223	19 310	1.2%	-26.7%
Mohandes Life Insurance	84 417	4 667	74 759	8 481	0.8%	12.9%
Libano-Suisse Takaful Egypt	80 571	4 454	53 932	6 118	0.8%	49.4%
Misr Emirates Takaful Life Insurance	47 105	2 604	8 225	933	0.5%	472.7%
Arope Life Insurance Egypt	43 079	2 381	30 379	3 446	0.4%	41.8%
Tokio Marine Egypt Family Takaful	31 278	1 729	41 664	4 726	0.3%	-24.9%
Total private sector	6 871 785	379 872	5 520 878	626 288	67.5%	24.5%
Grand total	10 178 063	562 643	8 324 850	944 371	100%	22.26%

* The company was acquired in December 2015 by Axa Life Insurance - Egypt

Egyptian insurance market: Turnover per class of business (2016-2017)

Figures in thousands

	2017		2016		2017 shares
	In EGP ⁽¹⁾	In USD	In EGP ⁽¹⁾	In USD	2017 shares
Motor	3 725 338	205 936	2 954 622	335 172	16.5%
Health	2 072 596	114 573	1 388 453	157 506	9.2%
Fire	1 933 448	106 881	1 447 700	164 227	8.6%
Accident	1 263 305	69 836	890 430	101 010	5.6%
Marine	1 206 712	66 707	801 948	90 973	5.4%
Energy	1 093 733	60 462	655 510	74 361	4.9%
Engineering	1 033 489	57 131	870 728	98 776	4.6%
Total non life	12 328 621	681 526	9 009 391	1 022 025	54.8%
Life	10 178 063	562 643	8 324 850	944 371	45.2%
Grand total	22 506 684	1 244 169	17 334 2431	1 966 396	100%

* The fiscal year runs from July.1 of the year Y-1 to June. 30 of the year Y
⁽¹⁾ Egyptian Pound
⁽²⁾ Growth rate in local currency

Egyptian insurance market: Turnover’s breakdown per class of business in 2017

Exchange rate USD/EGP as at 31/12	2013	2014	2015	2016	2017
Exchange rate USD/EGP as at 31/12	0.14332	0.14023	0.13076	0.11344	0.05528