Boston, MA -- (SBWIRE) -- 05/26/2014 -- As of early 2014, political developments continue to dominate the newsflow from Egypt. If past experience is any guide, they will have little impact on an insurance sector that could reasonably be described as being resilient - but far from dynamic. Stability, at a low level, has been the key feature of nonlife penetration for years. Life density has continued to rise over the last two years - in spite of the Arab Spring - but also remains at levels that are miniscule by most standards. The government-directed reform and restructuring of state-owned giant Misr Insurance Holdings and, indeed, the entire sector, has delivered some benefits. However, the limitations of, and challenges facing, that company continue to constrain the development of insurance in Egypt.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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Thanks, in part, to the political unrest that has swept Egypt more or less continuously since early 2011, the insurance sector has moved from an era of growth to one of stagnation. Prior to late 2010, the outlook had looked promising. Life density was growing quite steadily. The substantial private insurance funds, which provide basic protection-type products - had underpinned the growth of the sector in years where demand for more sophisticated products had consolidated. Although non-life penetration had been contracting, the overall growth of the economy meant that non-life premiums rose steadily in absolute terms. By combining three state-owned insurance companies and one state-owned reinsurer under the aegis of Misr Insurance Holding Company, the government could reasonably hope to achieve meaningful synergy benefits for one of the Middle East's largest composite insurance groups. As is not the case in most other countries in the region, there were no restrictions on foreign participation in the industry. Nor was the non-life segment characterised by cut-throat competition which had crimped profitability for most players.
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