New market study, "Egypt Insurance Report Q4 2010", has been published

Nov. 4, 2010 - PRLog -- On paper, Egypt's insurance market is one of the most promising in the Middle East. By virtually all measures, it is underdeveloped. However, and in complete contrast to the nearby Gulf Co-operation Council (GCC) countries, which have far higher per capita incomes than Egypt and which are mostly easier places in which to do business, there is already a significant life sector. The prospects for the economy, which was largely isolated from the impact of the global financial crisis, are favourable. The market is open to foreign competition, and the government is moving slowly towards financial liberalisation.

The Insurance Holding Company (IHC) is the largest player in the market by far. This is the stateowned enterprise through which the government maintains its stakes in Misr Insurance and National Insurance Company of Egypt (NICE). Misr Insurance includes the operations of the eponymous insurance company, Al-Chark Insurance and Egyptian Reinsurance, all of which were merged in 2007. Misr Insurance is a composite insurer, although IHC has been separating its life operations from its non-life operations in preparation for an initial public offering (IPO) of the life business sometime in 2010. NICE, which operates separately from Misr Insurance, focuses on health, pensions and other life products.

Delays in the privatisation of Banque du Caire following the breakdown in negotiations between the government and the National Bank of Greece in 2008 provide a reminder that in Egypt a general statement of official intent to undertake an IPO does not necessarily mean that a deal will take place. According to the Egyptian insurance regulator, total premiums in the year to June 30 2008 were EGP9,943mn. Total premiums written by IHC's companies amounted to EGP3,905mn, or about 40% of this. However, IHC's companies' investment assets account for about 75% of those of the entire insurance sector.

Determining a value for those assets that is both reasonable from the point of view of the government and potential buyers of Misr Insurance's life operations (or, indeed, anything else that IHC seeks to sell) is one of the major challenges. IHC's management has indicated that it is in the process of transforming the insurance companies' real estate assets into a stand-alone real estate ownership/development/management operation. Given the generally favourable performance of Egypt's economy over recent years and the massive developments that are underway to the east and west of Cairo especially, but also in other parts of Egypt, BMI strongly suspects that the property holdings of IHC's insurers are latent assets that are undervalued.

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Report Table of Contents:

Executive Summary
- Table: Overview Of Egypt's Insurance Sector
- Key Insights on Egypt's Insurance Sector
- Issues To Watch
SWOT Analysis
- Egypt Insurance Industry SWOT
- Egypt Political SWOT
- Egypt Economic SWOT
- Egypt Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Middle East And North Africa Overview
Islamic Insurance Overview
Projections And Forecasts
- Table: Insurance Premiums, 2007-2014
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2014
Country Update
- Macroeconomic Outlook
- Table: Egypt - Economic Activity
- Political Outlook
- Domestic Politics
- Long-Term Political Outlook
Insurance Business Environment Rating
- Table: Egypt - Insurance Business Environment Indicators
- Table: Middle East And Africa Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2008
- Table: Life Premiums In A Regional Context, 2008
Major Players In Egypt's Insurance Sector
- Table: Gross Written Premiums, 2006-2008 (EGPmn)
- Table: Market Share Of Insurance Holding Company Operations In Terms Of Gross Written Premiums, 2006-2008 (%)
- Table: Insurance Companies By Investments, June 2008 (EGPmn)
Analysis Of Regional Competitive Conditions
- Table: Listed Middle Eastern Insurance Companies. Net Premiums, Net Profit And Long Term Assets, 2003-2008 (US$mn)
Selected Company Profiles
- Local Company Profiles
- Insurance Holding Company (IHC) Group - Misr Insurance/ NICE
- Selected Regional Company Profiles
- AIG
- Allianz
- Aviva
- AXA
- Generali
- HSBC Insurance
- MAPFRE
- RSA
- UNIQA
- Zurich Financial Services
Country Snapshot: Egypt Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2010
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 2001-2006
- Table: Consumer Expenditure, 2000-2012 (US$)
- Table: Average Annual Wages, 2000-2012
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.