Country Dashboards

Population
103 mn
2021
GDP (USD)
US$403 bn
2021
gdp/capita
US$3,926
2021
Inflation rate
4.5%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 642 mn
Non-life premium volume (USD) 921 mn
Total premium volume 2 bn
Total premium volume (EGP) 9 bn
Insurance penetration: Premiums in % of GDP 0.68%
Insurance density: Premium / capita USD 19.9
Local currency EGP
Market Composition
Domestic life insurers 16
Domestic non-life insurers 25
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 2
Foreign reinsurers 0
State-owned insurers 3
State-owned reinsurers 0
Insurance intermediaries 85
Reinsurance intermediaries 9
Insurance Regulatory Authority
Institution
Smart village, building 136, Giza
Contact

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement EGP 150 million
Minimum paid-up share capital EGP 75 million
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, Travel insurance, some liability lines P&I.
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: