Egypt Insurance

According to the Egyptian Insurance Supervisory Authority's (EISA) 2008 survey report, there are more than 25 major insurance companies that manage a total investment of EGP 22 billion (about USD 4 billion). Though having an Egypt market insurance penetration rate less than 1% as compared to developed countries penetration rate of 8%, the Egyptian Insurance Supervisory Authority, also known as EISA, with its great potential, has lead to the development of insurance market and satisfactory results for is clients.

General Authority for Financial Supervision (GAFS), an affiliate of the Ministry of Investment in Egypt, administers all the public and private insurance companies according to set of protocols. Exquisite marketing has changed the frontal of economy and as a result increasing number of insurance companies are accessible to offer great products. More or less, it has significantly helped to change the public perception.

The obsolete assumption of undertaking insurance to avoid contingencies of life has been subdued. Insurance companies are considered as a sound investment tool that contributes effectively in development of the national economy through well-organized investment funds management. Banking and financial restructuring has further yielded competitive outcomes for investors and clients.

Insurance companies offer multifold policies to cater both the individual and corporate level demands. The most popular insurances in Egypt are individual personal insurance and corporate programmes. The insurance market in Egypt is divided between public and private insurance companies. MISR Insurance Company, Al Chark Insurance Company, National Insurance Company of Egypt are leaders of public sector and Suez Canal Insurance Company, Mohandes Insurance Company , Delta Insurance Company are the leaders of private sector insurance companies. The stateowned enterprise IHC ( Insurance Holding Company), the largest player of this field, maintains its stakes in MISR Insurance and National insurance Company of Egypt (NICE).