The insurance industry plays a vital role in the Egyptian economy by providing financial protection to individuals and enterprises against different risks such as the loss of property, accidents, fires and theft in addition to life and medical insurance.

Optional private pension funds provide a complementary pension for subscribers. The insurance industry seeks to invest in medium and long-term fields in line with its commitments to create local demand on medium and long-term finance.

The Egyptian insurance market is subject to a set of legislative rules that organize its business and is supervised by the General Authority for Financial Supervision. Since FY 2004/05, the Ministry of Investment has adopted a strategic plan to reform and develop the insurance sector in order to expand its size and increase its growth rates and contribution in attracting and mobilizing savings to finance investments. These efforts led to an increase in the number of companies operating in the market in line with growth rates and technical skills required by the insurance market.

A total of 29 insurance and re-insurance companies operate in Egypt, including; five companies performing all insurance activities (life insurance and property and casualty insurance), nine companies performing property and casualty insurance only, six companies performing life insurance, four companies performing property and casualty cooperation insurance, a single cooperative insurance association and a single export ensuring company in addition to 638 private insurance funds...Read more