Egypt Insurance Report

Published 01 July 2015

  • 71 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
Egypt Insurance Report

BMI View: By most metrics, Egypt's insurance sector is under - developed and will remain so throughout our forecast period to 2019. Growth over the next five years will be driven mainly by the expansion of property insurance and the diverse 'other lines' sub-sector within the non-life segment. This, in turn, will be the result of greater access to reinsurance by the insurers.

Despite boasting a population of around 85mn, the third largest in Africa, Egypt's insurance sector is under-developed by the standards of most major economies and we note that at present, only 6% of Egyptians use insurance. This owes to the country's high poverty levels, relatively low incomes and GDP per capita and also the fact that many segments of the population remains unaware of the benefits insurance products can bring.

While penetration and density remain low, by nature of its size, the insurance market continues to attract new entrants, including major multi-nationals. AXA and MedGulf are the latest firms to have begun marketing to Egyptians in recent quarters. Meanwhile, the type of products on offer is becoming more sophisticated as firms find new marketing and distribution initiatives to attract a growing pool of middle class consumers. The development of micro-insurance and Takaful products by firms also illustrates a desire to reach areas of the population that may previously have been off limits.

These methods should ensure steady growth in premiums over the next few years as economic growth picks up and the country returns to a state of relative political stability following the recent crisis. We expected the non-life segment to be the main source of growth in Egypt's insurance industry over the next few years and we are looking for substantial expansion in property lines in particular to be the main driver of growth in premiums. This expansion will be further aided by the greater access to reinsurance following the inauguration of a new indigenous reinsurance company...

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Operational Risk
14
Industry Forecast
16
Life Premiums Forecast
16
Premiums
17
Table: Gross Life Premiums Written (Egypt 2012-2019)
18
Table: Net Life Premiums Written (Egypt 2012-2019)
18
Claims
19
Table: Life Insurance Claims (Egypt 2007-2014)
19
Life Insurance Drivers
19
Table: Life Expectancy by Gender (Egypt 2012-2019)
20
Table: Demographic Breakdown (Egypt 2012-2019)
21
Non-Life Premiums Forecast
22
Premiums
22
Table: Gross Non-Life Premiums Written (Egypt 2012-2019)
23
Table: Net Non-Life Premiums Written (Egypt 2012-2019)
24
Reinsurance
24
Table: Reinsurance Non-Life Premiums Written (Egypt 2012-2019)
25
Claims
25
Table: Non-Life Insurance Claims (Egypt 2007-2014)
25
Table: Non-Life Insurance Claims by Line (Egypt 2007-2014)
27
Non-Life Subsector Forecast
28
Table: Non-Life % Breakdown (Egypt 2012-2019)
29
Motor Vehicle Insurance
29
Table: Motor Vehicle Insurance (Egypt 2012-2019)
30
Table: Insurance Key Drivers, Autos (Egypt 2012-2019)
30
Table: Transport Insurance (Egypt 2012-2019)
32
Table: Insurance Key Drivers, Freight Tonnage (Egypt 2012-2019)
32
Property Insurance
32
Table: Property Insurance (Egypt 2012-2019)
33
Health Insurance
33
Table: Health Insurance (Egypt 2012-2019)
34
Table: Insurance Key Drivers, Private Health Expenditure (Egypt 2012-2019)
34
Personal Accident Insurance
34
Table: Personal Accident Insurance (Egypt 2012-2019)
35
Industry Risk Reward Ratings
36
MENA Insurance Risk/Reward Index
36
Table: MENA Insurance Risk/Reward Index
37
Market Overview
38
Life Market Overview
38
Table: Life Insurance Market (%), 2011-2012
40
Non-Life Market Overview
41
Table: Non-Life Insurance Market (USDmn), 2011-2012
42
Company Profile
48
American International Group (AIG)
48
Gulf Insurance Group (GIG)
50
MetLife
53
Misr Insurance Holding Company
56
Demographic Forecast
60
Demographic Outlook
60
Table: Population Headline Indicators (Egypt 1990-2025)
61
Table: Key Population Ratios (Egypt 1990-2025)
61
Table: Urban/Rural Population & Life Expectancy (Egypt 1990-2025)
62
Table: Population By Age Group (Egypt 1990-2025)
62
Table: Population By Age Group % (Egypt 1990-2025)
63
Methodology
65
Industry Forecast Methodology
65
Risk/Reward Index Methodology
68
Table: Indicators
70
Table: Weighting of Indicators
71

The Egypt Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Egypt Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Egyptian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Egypt to test other views - a key input for successful budgeting and strategic business planning in Egypt's insurance market.
  • Target business opportunities and risks in Egypt through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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