Top 10 Egyptian insurance companies
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Egypt has a well-established insurance industry, with both life and general insurance companies operating in the country. Insurance companies in Egypt are classified into life and general insurance.
The Financial Regulatory Authority (FRA) in Egypt plays a crucial role in regulating insurance companies. The FRA issued a decree in March 2023, requiring insurance companies to update their technology infrastructure and link their databases with the FRA's database within a six-month period. This decree aims to establish an industry-wide online platform that includes sensitive data and enables real-time linking with the FRA's database. The FRA emphasizes the importance of maintaining the confidentiality of insurance holders and their data, stating that all data must only be shared with the FRA.
The FRA's strategic plan for the development of the Egyptian insurance market aims to enhance the non-banking financial sector, including insurance. The FRA sets regulations and standards that insurance companies must comply with, ensuring adherence to good practices and accountability. By supervising and regulating the insurance industry, the FRA ensures that insurance companies operate within the established framework and fulfill their obligations to policyholders and the market.
Some of the insurance companies in Egypt are traditional insurers, while others are Takaful ones, which means they stick to the Islamic laws (Shariaa) in all transactions. Traditional insurers and Takaful insurers in Egypt differ notably in their operational frameworks and practices. Traditional insurers operate on a risk-transfer model, where they assume the policyholder's risk in exchange for a premium. They have the liberty to invest their premiums in diverse sectors, including those considered taboo in Islamic law, such as alcohol, tobacco, and adult entertainment. Notably, traditional insurers aren't mandated to have a Shari'ah Advisory Board overseeing their actions.
In contrast, Takaful insurers operate on a risk-sharing model, wherein policyholders pool their premiums to cover collective losses. Their investment of premiums strictly adheres to Shari'ah law, refraining from sectors like alcohol, tobacco, and gambling. To ensure compliance with Islamic law, Takaful insurers must have a Shari'ah Advisory Board in place.
The Financial Regulatory Authority (FRA) in Egypt plays a crucial role in regulating insurance companies. The FRA issued a decree in March 2023, requiring insurance companies to update their technology infrastructure and link their databases with the FRA's database within a six-month period. This decree aims to establish an industry-wide online platform that includes sensitive data and enables real-time linking with the FRA's database. The FRA emphasizes the importance of maintaining the confidentiality of insurance holders and their data, stating that all data must only be shared with the FRA.
The FRA's strategic plan for the development of the Egyptian insurance market aims to enhance the non-banking financial sector, including insurance. The FRA sets regulations and standards that insurance companies must comply with, ensuring adherence to good practices and accountability. By supervising and regulating the insurance industry, the FRA ensures that insurance companies operate within the established framework and fulfill their obligations to policyholders and the market.
Some of the insurance companies in Egypt are traditional insurers, while others are Takaful ones, which means they stick to the Islamic laws (Shariaa) in all transactions. Traditional insurers and Takaful insurers in Egypt differ notably in their operational frameworks and practices. Traditional insurers operate on a risk-transfer model, where they assume the policyholder's risk in exchange for a premium. They have the liberty to invest their premiums in diverse sectors, including those considered taboo in Islamic law, such as alcohol, tobacco, and adult entertainment. Notably, traditional insurers aren't mandated to have a Shari'ah Advisory Board overseeing their actions.
In contrast, Takaful insurers operate on a risk-sharing model, wherein policyholders pool their premiums to cover collective losses. Their investment of premiums strictly adheres to Shari'ah law, refraining from sectors like alcohol, tobacco, and gambling. To ensure compliance with Islamic law, Takaful insurers must have a Shari'ah Advisory Board in place.
| Company | Founded | Company description |
|---|---|---|
| 2010 | Public sector company in the field of life, non life insurance and reinsurance. | |
| 2006 | Was established in 2006 as the first established Takaful life insurance company in the Egyptian market. | |
| 2008 | Arope Insurance is a provider of life and non-life insurance solutions in Egypt with a range of products and services for individuals and businesses. | |
| 1981 | Delta Insurance provides financial protection through innovative insurance products and services. | |
| 1979 | Suez Canal Insurance covers losses incurred during transit through the Suez Canal. | |
| 2012 | Med Right is a dynamic, fast growing national company working in the field of healthcare and health insurance management. | |
| 1998 | Medmark Insurance Brokerage is a registered insurance brokerage firm in Egypt, offering a full range of personal and general insurance solutions. | |
| 2013 | Delta Life Assurance tackles the main financial problems people face, and hence, trying to offer them the best financial programs. | |
| 1934 | Misr Insurance Company was established in 1934 by Talaat Harb, as the first insurance company with | |
| 2001 |
Insurance companies can be categorized based on the types of policies they offer and their organizational structure. Here's a summary based on the Type of Policies Offered:
Life Insurance Companies: Offer policies that provide beneficiaries with monetary compensation upon the death of the insured. They may also offer investment-linked products.
Health Insurance Companies: Provide coverage for medical expenses, including hospital stays, surgeries, and sometimes routine checkups and treatments.
Property and Casualty Insurance Companies: Cover damages or losses to tangible property. This includes insurance for homes, cars, and personal belongings.
Auto Insurance Companies: Specifically provide coverage against vehicle damages, theft, or liability from accidents.
Travel Insurance Companies: Offer policies to cover unexpected events during travel, including trip cancellations, lost luggage, and medical emergencies.
Reinsurance Companies: Provide insurance to other insurance companies. This helps distribute risk among insurers.
Specialty Insurance Companies: Offer coverage for specific sectors or risks, such as marine, aviation, or crop insurance.
Many companies offer multiple types of insurance and can fall into several of these categories.
Disclaimer
This compilation of the companies has been made to the best of our knowledge and belief. We have made every effort to obtain the information from reliable and up-to-date sources and to reproduce it as accurately as possible. Nevertheless, we cannot guarantee the accuracy and completeness of the information. We are grateful for additions and corrections, which you are welcome to send to sales@egypt-business.com. The selection of companies is based on the number of employees, the revenue, and the number of online visitors.
Life Insurance Companies: Offer policies that provide beneficiaries with monetary compensation upon the death of the insured. They may also offer investment-linked products.
Health Insurance Companies: Provide coverage for medical expenses, including hospital stays, surgeries, and sometimes routine checkups and treatments.
Property and Casualty Insurance Companies: Cover damages or losses to tangible property. This includes insurance for homes, cars, and personal belongings.
Auto Insurance Companies: Specifically provide coverage against vehicle damages, theft, or liability from accidents.
Travel Insurance Companies: Offer policies to cover unexpected events during travel, including trip cancellations, lost luggage, and medical emergencies.
Reinsurance Companies: Provide insurance to other insurance companies. This helps distribute risk among insurers.
Specialty Insurance Companies: Offer coverage for specific sectors or risks, such as marine, aviation, or crop insurance.
Many companies offer multiple types of insurance and can fall into several of these categories.
Disclaimer
This compilation of the companies has been made to the best of our knowledge and belief. We have made every effort to obtain the information from reliable and up-to-date sources and to reproduce it as accurately as possible. Nevertheless, we cannot guarantee the accuracy and completeness of the information. We are grateful for additions and corrections, which you are welcome to send to sales@egypt-business.com. The selection of companies is based on the number of employees, the revenue, and the number of online visitors.