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CAIRO - 21 December 2021: The Cabinet’s Information and Decision Support Center (IDSC) has highlighted positive international forecasts for the insurance sector in Egypt until 2025.
According to Fitch Solutions, the value of the Egyptian pound is unlikely to drop despite an upward inflation rate, the IDSC said in a report Tuesday.
This means that the life insurance market in Egypt could grow by six percent in US dollars to reach 794 million (LE 12.4 billion) in 2021 and 922 million (LE 15.4 billion) by 2025, the IDSC noted.
The IDSC report also pointed to Fitch expectations for non-life insurance installments, which upped by eight percent, recording LE 22.1 billion in 2021.
The optimistic forecast is based on an increase in insurance installments by 8.7 percent in 2021, amounting in US dollars to 1.41 billion that could continue to maintain an upward direction through 2025 to reach 1.89 billion dollars.
The report expected an increase in car insurance installments by 5.5 percent in the local currency and 6.3 percent in US dollars.
Property insurance is also likely to rise by 9.3 percent in local currency, with total installments amounting to some LE 4 billion by 2025, according to the IDSC.