Egypt Financial Services

Chapter | Insurance from The Report: Egypt 2020

Although Egypt’s insurance sector has shown strong growth over the past decade, it faces a challenging period in FY 2020/21. An ongoing process of regulatory reform promises to strengthen the legislative platform that underpins the industry, but it is likely to result in short-term difficulties for some sections of the market, compounded by the disruption caused by Covid-19. Nevertheless, the...

With one of the biggest consumer markets in the region and robust fundamentals, Egypt is well placed to attract international investment and emerge from this difficult period in a strong position. Although the Covid-19 pandemic has caused considerable disruption, the government’s ongoing reform efforts have helped to mitigate the worst effects of the crisis.

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While the coronavirus pandemic has had a negative impact on Egypt’s insurance sector, the continued rollout of universal health coverage, alongside targeted expansion in particular segments, could provide potential for future growth.

 

In what ways have the recent economic reforms isolated Egypt from global market trends and volatility?

 

The Egyptian Exchange (EGX) is one of the oldest stock markets in the Middle East and can be traced back to 1883. It covers the main market, an over-the-counter market and the Nile Stock Exchange (Nilex), the last of which is a market for small and medium-sized enterprises. As of April 2020 there were 218 companies listed on the main market,...

 

Egypt’s capital market has been noticeably attracting foreign inflows since the floatation of the Egyptian pound in November 2016, which was part of the country’s economic reform programme agreement signed with the IMF under the $12bn extended fund facility. The currency devaluation was followed by 700 basis-point interest rate hikes, taking...

 

How would you evaluate the capacity of Egypt’s banks to lead the country’s post-Covid-19 recovery?

 

The first cryptocurrency transaction in history was feted in just two words: “Running Bitcoin”. This came in the form of a tweet on January 11, 2009 by Hal Finney, a US software developer. Some 10 years and over 1600 initial coin offerings later, the world of crypto-, virtual and other digital currencies looks to have provoked an active...

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