Boston, MA -- (SBWIRE) -- 04/16/2014 -- The political upheaval which began in Egypt in 2011 had a drastic economic impact on the country. The GDP growth rate declined from 5.1% in 2011 to 1.8% in 2011 and 2.2% in 2012. According to the Insurance Federation of Egypt (IFE), the political violence in 2011 led to losses of EGP1 billion (US$0.17 billion). In this challenging environment, reinsurance companies enforced stricter conditions in renewal agreements. In the absence of specialized domestic reinsurance companies, Egyptian insurers cede to foreign reinsurance companies such as African Re and Misr Insurance Company. Demand for reinsurance grew at a compound annual growth rate (CAGR) of 20.3% during the review period (2008-2012), and the written premium of the Egyptian reinsurance segment increased from EGP0.21 billion (US$40 million) in 2008 to EGP0.45 billion (US$74 million) in 2012.
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- Being an integral part of the Egyptian insurance industry's risk-management program and contingency plan, demand for reinsurance grew at a CAGR of 20.3% during the review period, amidst rising political uncertainty.
- As there is no specialized domestic reinsurer in Egypt, insurance companies cede to foreign reinsurers such as African Re and Misr Insurance Company.
- According to Egyptian insurance regulations, every insurer operating in the country is legally obliged to cede a minimum of 5% of its written premium to African Re.
- The treaty reinsurance category has been growing since 2010, when a change in Egyptian insurance regulations allowed Misr Insurance Company to write reinsurance premium in the country.
This report provides a comprehensive analysis of the reinsurance segment in Egypt:
- It provides historical values for Egypt's reinsurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key sub-segments in Egypt's reinsurance segment, along with market forecasts until 2017.
- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Egypt and its growth prospects.
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast market data related to the Egyptian reinsurance segment and each sector within it.
- Understand the demand-side dynamics, key market trends and growth opportunities within the Egyptian reinsurance segment.
- Identify the growth opportunities and market dynamics within key product categories.
- Gain insights into key regulations governing the Egyptian insurance industry and its impact on companies and the market's future.
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