(MENAFNEditorial)
By most metrics Egypt's insurance sector is under - developed and will remain so throughout our forecast period to 2019. Growth over the next five years will be driven mainly by the expansion of property insurance and the diverse 'other lines' sub-sector within the non-life segment. This in turn will be the result of greater access to reinsurance by the insurers.
Despite boasting a population of around 85mn the third largest in Africa Egypt's insurance sector is under-developed by the standards of most major economies and we note that at present only 6% of Egyptians use insurance. This owes to the country's high poverty levels relatively low incomes and GDP per capita and also the fact that many segments of the population remains unaware of the benefits insurance products can bring.
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While penetration and density remain low by nature of its size the insurance market continues to attract new entrants including major multi-nationals. AXA and MedGulf are the latest firms to have begun marketing to Egyptians in recent quarters. Meanwhile the type of products on offer is becoming more sophisticated as firms find new marketing and distribution initiatives to attract a growing pool of middle class consumers. The development of micro-insurance and Takaful products by firms also illustrates a desire to reach areas of the population that may previously have been off limits.
These methods should ensure steady growth in premiums over the next few years as economic growth picks up and the country returns to a state of relative political stability following the recent crisis. We expected the non-life segment to be the main source of growth in Egypt's insurance industry over the next few years and we are looking for substantial expansion in property lines in particular to be the main driver of growth in premiums. This expansion will be further aided by the greater access to reinsurance following the inauguration of a new indigenous reinsurance company...
The Egypt Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.
BMI's Egypt Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Egyptian insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Egypt to test other views - a key input for successful budgeting and strategic business planning in Egypt's insurance market.
* Target business opportunities and risks in Egypt through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI’s key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
* Life/non-life Premiums: Total premium growth (USDmn) premium growth (% y-o-y) penetration (% of GDP) density (USD per capita) for Life and Non-Life sectors claims reinsurance and assets and liabilities.
* Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor transport property personal accident health general liability and credit financial).
BMI’s Insurance Risk Reward Index
BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide an indices of highest to lowest appeal to investors with each position explained.
Company Profiles*
Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
* Population: Male/female by age group active/pensionable/youth population % of total urban/rural population % of total.
* Freight: Tonnage – air freight rail freight road freight inland waterway.
* Motor: Fleet size by type of vehicle % change y-o-y.
* Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Sources
The insurance Reports draw on an extensive network of primary sources such as multilateral organisations government departments industry associations chambers and company reports.
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