The insurance industry, which is a vital component of the Egyptian economy, provides financial protection for individuals and businesses against many different losses such as loss of property, death, illness, accident, fire and theft and generates capital for investment.

The Egyptian insurance market is the fifth largest in the Arab World generating USD 472.3 million in premiums in 2003, according to the Arab Insurance Group (Arig) –relatively small by international standards.  The Egyptian insurance industry as a whole is financially healthy.

The insurance market is regulated and supervised by Law No. 10/1981 and its amendments and law No. 652/1955 for Motor Liability Insurance, while Private Insurance Funds are governed by Law No.54/1975.

The Egyptian Insurance Supervisory Authority (EISA) is an independent authority and is charged with supervising and controlling insurance activities. EISA’s major duties are to protect the rights of policyholders, beneficiaries and third parties and to maintain and strengthen law and order in the market. EISA also develops and increases insurance awareness in Egypt.

The insurance market comprises 21 insurance and reinsurance companies (three state-owned composite companies, one state-Owned reinsurance company, and 16 private companies), one co-operative insurance society, 617 private insurance funds, three governmental insurance funds and five insurance pools.