Moody’s: Egyptian insurance market promising
Thursday, 10 22 2015, Category: Insurance and Reinsurance, Country: Egypt
Moody’s the rating agency said on Wednesday that the insurance market in Egypt has many promising opportunities due to the improvement in the economic environment and the low level of insurance coverage penetration. However, the market growth will still suffer from the high prevalence of poverty and unemployment, lack of skillful talent and the relatively week insurance regulations.
Moody’s mentioned in its report that Egypt is the second largest insurance market in North Africa after Morocco but the region in total represents around 0.2% of the world’s insurance premiums for the year 2014.
Mr. Mohammed Ali Londe Assistant Vice President and Analyst at Moody’s said “the Egyptian insurance market has untapped opportunities as shown by the low insurance penetration in addition to emerging lines such Sharia-compliant Takaful and microinsurance”.
Source: Al Borsa