Boston, MA -- (ReleaseWire) -- 11/21/2012 -- The Egyptian life insurance segment accounted for the second-largest share of the total written premium value of the country's insurance industry during the review period. The segment attained this status after recording robust growth during the review period due to high consumer awareness of the importance of savings products to supplement retirement income, and the low penetration of the segment. Furthermore, Egypt's continued economic recovery is expected to result in an increase in national PCADI over the forecast period, which is, in turn, expected to increase life insurance sales.
- In an effort to attract foreign insurers into the country, Egypt has privatized its insurance industry and implemented financial liberalization policies. Both measures are expected to encourage new market entries over the forecast period and increase the levels of competition in the Egyptian life insurance segment.
- The Egyptian population has traditionally placed an emphasis on saving for education, marriage and retirement, and is therefore motivated to invest in life insurance products that address these needs.
- Currently, public pensions in Egypt are provided through three social insurance schemes, Government Employees Pension Fund, Pension Fund for Military Personnel, and Public and Private Enterprises Employees Pension Fund, with these schemes collectively covering over 80% of the country's employed population.
- The brokers channel was the second-largest distribution channel for Egyptian life insurance policies during the review period, a position that the channel is expected to retain over the forecast period.
- Initiatives from both domestic and foreign insurers are expected to encourage Egypt's leading banks to expand their nationwide branch networks over the forecast period, a move which is projected to increase the potential customer base of the bancassurance channel.
- As of 2010, the Egyptian life insurance segment comprised 14 companies, of which 10 were domestic insurance companies and four were the branch offices of foreign insurance companies.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance market in Egypt:
- It provides historical values for the Egyptian life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Egyptian life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in Egypt
Companies Mentioned in this Report: Misr Life Insurance, Allianz Egypt, Pharaonic American Life Insurance Company, Commercial International Life Insurance Co, National Insurance Co. of Egypt, Delta Insurance Co., NSGB Life Insurance
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