Egypt's insurance sector has weathered the difficult conditions of the past few years and new opportunities are now opening up for companies in the market, experts told Al-Shorfa.:
Sector growth can be seen in the increase in insurance premiums and in the amount of compensation the sector has been required to disburse, Egyptian Financial Supervisory Authority (EFSA) head Ashraf al-Sharqawi said in February.
Insurance companies paid out at least 4.5 billion Egyptian pounds ($667 million) in compensation in 2012, an increase of 47% over 2011, al-Sharqawi said.
This growth reflects the financial strength of the sector and its ability to withstand risks, said Hossam Abdul Sabour, an insurance expert and lecturer at the Zagazig University Faculty of Economics.
"The current situation is an opportunity to expand and energise the sector to promote a culture of insurance in both its forms: traditional and joint liability (takaful)," he told Al-Shorfa.
"The opportunity is there for insurance companies to expand the market," he said.