Egypt Insurance Report Q2 2012

Published : May 2012
No. of Pages : 67

Price:

Thanks, in part, to the political unrest that has swept Egypt 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 its 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.
As of March 2012, it appears that the insurance sector was able to absorb the substantial claims and losses arising from the civil unrest of early 2011. However, most of the other newsflow in recent months has been disappointing. The limited data that has been published suggests that, overall, growth in premiums over the last year or so has been minimal. There seems to have been no obvious progress towards regulatory or legislative changes that would revive bancassurance, promote health insurance or encourage the private health funds. Nor has there been any apparent progress towards removing the impediments that hinder the development of Egypt’s embryonic takaful sector.
Perhaps most crucially, the restructuring and reform of the Insurance Holding Company – the composite insurance group that accounts for about half of all premiums in Egypt, but which would rank in most other countries as no more than a medium-sized insurer with an interesting real estate portfolio – looks to be cautious in its scope. Unlike reform of state-owned insurers in other countries, the process has yet to deliver increased transparency, a focus on competitiveness, access to global capital markets, or substantial injections of new capital or innovation in product development.

Executive Summary . 5
Table: Total Premiums, 2008-2016 5
Key Insights And Key Risks . 5
SWOT Analysis 7
Egypt Insurance Industry SWOT 7
Egypt Political SWOT 8
Egypt Economic SWOT .. 9
Egypt Business Environment SWOT . 10
Life Sector .. 11
Middle East Life Sector Overview . 11
Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn) .. 11
Egypt Life Sector Update .. 13
Table: Evolution of Gross Written Premiums (EGPmn) And Growth Rate (%) ... 13
Life Insurance Industry Forecast Scenario ... 14
Table: Life Premiums, 2008-2016 14
Growth Drivers And Risk Management Projections . 15
Population ... 15
Table: Insurance Key Drivers, Demographics, 2008-2016 .. 15
Non-Life Sector .. 17
Middle East Non-Life Sector Overview . 17
Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn) ... 17
Egypt Non-Life Sector Update .. 20
Table: Non-Life Company Net Premiums (EGP’000) .. 20
Non-Life Insurance Industry Forecast Scenario ... 22
Table: Non-Life Premiums, 2008-2016 22
Growth Drivers And Risk Management Projections . 23
Macroeconomic Outlook .. 23
Table: Egypt Economic Activity, 2011-2016 26
Political Stability Outlook 26
Table: Middle East And Africa Defence And Security Ratings . 28
Healthcare ... 29
Healthcare Insurance ... 30
Epidemiology ... 32
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016.. 33
Motor ... 35
Islamic Finance 36
Insurance Risk/Reward Ratings ... 37
Table: Egypt’s Insurance Risk/Reward Ratings ... 37
Table: Middle East And Africa Insurance Risk/Reward Ratings .. 38
Competitive Landscape 39
Competitive Landscape Analysis ... 39
Major Players In Egypt’s Insurance Sector .. 40
Table: Life Company Net Premiums, 2008-2010 (EGP ‘000) .. 41
Table: Non-Life Company Net Premiums, 2008-2010 (EGP ‘000) .. 42
Table: Egypt’s Competitive Landscape In Regional Context ... 43
Company Profiles .. 45
Local Company Profiles 45
Misr Insurance Holding Company ... 45
Regional Company Profiles .. 47
Allianz .. 47
Arab Insurance Group (ARIG) . 49
Aviva 50
AXA .. 51
Chartis . 52
Generali ... 54
MAPFRE .. 55
MetLife ALICO 56
RSA .. 58
Zurich Financial Services 60
BMI Methodology ... 62
Insurance Risk/Reward Ratings 64
Table: Insurance Risk/Reward Indicators And Rationale 65
Table: Weighting Of Indicators 66Table: Total Premiums, 2008-2016. 5

Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn) . 11

Table: Evolution of Gross Written Premiums (EGPmn) And Growth Rate (%) . 13

Table: Life Premiums, 2008-2016 . 14

Table: Insurance Key Drivers, Demographics, 2008-2016 . 15

Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn) . 17

Table: Non-Life Company Net Premiums (EGP'000) . 20

Table: Non-Life Premiums, 2008-2016 . 22

Table: Egypt Economic Activity, 2011-2016 . 26

Table: Middle East And Africa Defence And Security Ratings . 28

Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016. 33

Table: Egypt's Insurance Risk/Reward Ratings . 37

Table: Middle East And Africa Insurance Risk/Reward Ratings . 38

Table: Life Company Net Premiums, 2008-2010 (EGP ‘000) . 41

Table: Non-Life Company Net Premiums, 2008-2010 (EGP ‘000) . 42

Table: Egypt's Competitive Landscape In Regional Context . 43

Chartis . 52

Table: Insurance Risk/Reward Indicators And Rationale . 65

Table: Weighting Of Indicators. 66"

Egypt Insurance Report Q2 2012

Published By: Business Monitor International

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