Mohamed Mahran, CEO and Managing Director of Misr Insurance Holding Company, said that the Egyptian insurance market witnessed a growth in the volume of its premiums at a rate of 17% during the last fiscal year 2021/2022, with its premiums recording the equivalent of about 3 billion dollars.

Mahran explained, during his speech at the Arab Conference of Actuaries 2023, that the market witnessed high growth rates over the past years, with the average growth of the sector’s premiums over the past 10 years recording about 19%.

He added that the life insurance activity in the Egyptian market witnessed a gradual increase in the growth rates of its premiums during the past three years, expecting the growth rates of premiums for this activity to reach 22% during the current fiscal year 2022/2023.

Mahran pointed out the low rates of insurance penetration in the local market, amounting to about 0.7%, which confirms the necessity of working to raise this percentage during the next stage and increase the customer base in the sector.

He pointed out that this requires working during the coming period to improve the legislative environment in the market, in addition to developing the efficiency and technical aspects of human cadres in the sector, in addition to examining mechanisms to confront the inflationary wave in the market.

He stressed that developing the market requires the combined efforts of all concerned parties, represented by insurance companies, insurance brokerages, regulators, and actuarial experts.