Country Briefing Note: Egypt (NM)

With the largest population in the MENA region, the third largest insurance market in Africa (in terms of premiums) and a dynamic microfinance and postal sector, Egypt represents a significant opportunity for the inclusive insurance sector. The involvement of the insurance sector in promoting inclusive insurance, the government’s vision of transforming Egypt into a digital society and recent regulatory developments present an opportunity for better coverage of emerging consumers in the country. 

• The country’s dependence on the River Nile makes it vulnerable to climate change, rising temperatures and reduced rainfall.

• Egypt Post is a key institution for supporting financial inclusion with over 4,000 post offices and 25m savings accounts.

• The inclusive insurance market is still largely untapped with only 4% of emerging consumers covered by a microinsurance product, according to the 2022 Landscape study. 

• The Insurance Federation of Egypt (IFE) is very active in the promotion of microinsurance, through events and partnerships to raise awareness of insurance and promote the development of better insurance coverage.

• In 2023, the Financial Regulatory Authority (FRA) authorized the use of mobile network operators (MNOs) and online stores as a distribution channel for microinsurance.