Egypt Insurance Industry Inforamtion

This article is an examination of the Egypt insurance industry, providing details about the way this system works.  When looking at the cost of premiums for this country, you first need to look at changes in gross premium incomes.  From 2003 to 2004, these premiums rose from LE 4,036 million from 3,038 million in 2002, meaning the rates saw an increase of almost 33%.

Now, when looking at the cost of insurance premiums for Egypt during these same years, respectively, the numbers rose from LE 1,338 million to 939 million, for a growth of 42.5%.  Even non-life insurance premiums for the Egypt insurance industry increased.  Again, from 2003 to 2004, numbers moved to LE 2,698 million from 2,099 million in 2002 for a total increase of 28.5%.

In looking at past and present numbers for the Egypt insurance industry, it is easy to see that a significant and fast growth rate has occurred.  In fact, when looking at life insurance in particular, this type has actually grown faster than any other type of insurance for the country.  Overseeing all the changes and regulations is the Egyptian Insurance Supervisory Authority.

For people looking to purchase non-life or life insurance in Egypt, a number of highly respected companies offer different coverage types.  For non-life insurance, some of the largest and more popular choices include AIG, Cooperative, Al Clark, Mohandes, Allianz, and AMIG.  Then for life insurance policies in Egypt, the popular companies include Allianz, Alico, CIL, Misr, NSGB, Delta, and National.  While these companies are all unique, they are also rated high.

The most recent report for the Egypt insurance industry came out in March of 2010 pertaining to the most recent conference looking at current standards.  Without healthcare reform of some kind, the Egypt insurance industry would continue to struggle.  In this country, hospitals refused to treat civilians until they are repaid by the Ministry of Health for all the free care provided.  Sadly, just 53% of people in Egypt have insurance and just two million receive free healthcare from the government.

To assist the Egypt insurance industry, World Bank recently signed a $75 million loan to help boost the health insurance system currently in place.  With this money, health insurance processed would improve and a more efficient and effective system overall for insurance would be created.  The people in Egypt have been battling for decent health insurance coverage for a long time and while financing has been a serious issue, with the new loan agreement, some optimism is starting to be seen.

Although it will take some time for the $75 million to improve the Egypt insurance industry specific to healthcare, this is at least a move in the right direction.  The anticipation is that hospitals will be paid back so more people can receive proper care and that governmental programs will expand so more individuals can receive free healthcare.