Egypt:Life insurance gaining in importance

The life insurance sector in Egypt is undergoing a transformation, and its importance is increasing in light of economic and social changes, said insurance consultant Ahmed Ibrahim.

Speaking to Al Mal News, he said that economic and legislative reforms will contribute to driving growth, while digital transformation will play a pivotal role in expanding the life market. The sector is expected to see an annual growth of 10%, as awareness of the importance of life insurance increases.

He stated that life insurance policies will improve in coverage and flexibility, while policy terms will be simplified to be clearer to customers. New insurance products will emerge that meet the needs of young people, and insurance will be integrated with savings and investment in innovative ways.

He said the government will provide tax incentives to encourage the purchase of life insurance, which will lead to increased demand for insurance products. Young people may constitute an important segment of the insurance market, as products will be developed to meet their needs and future aspirations.

The demand for health insurance and long-term care insurance products will increase, as insurers adapt to the growing needs of the elderly. As family and educational insurance become more important, companies will offer comprehensive solutions to protect the family financially.