(MENAFN) Insurance activity in Egypt experienced significant growth during the first nine months of 2024, with total premiums reaching approximately EGP 69 billion (USD1.38 billion), as reported by the Financial Regulatory Authority (FRA). This robust performance reflects the continued expansion and diversification of the insurance sector, which plays a pivotal role in supporting the country's financial stability and economic development.

Breaking down the total, the property and liability insurance segment emerged as a major contributor, collecting EGP 38 billion in premiums. This category covers a range of risks, including damage to assets, liability claims, and business interruptions. The sustained demand for property insurance highlights increasing awareness among individuals and businesses about the importance of safeguarding assets and mitigating financial risks associated with unforeseen events.

Personal and capital formation insurance also showcased notable growth, with collected premiums amounting to EGP 30.9 billion by the end of September 2024. This segment primarily includes life insurance, pension plans, and savings-related policies designed to provide financial security and long-term benefits to policyholders. The rising interest in these products indicates growing public recognition of the need for future planning and wealth preservation strategies.

The overall growth in insurance premiums reflects both improved regulatory oversight by the FRA and a broader shift in consumer behavior toward financial protection. With Egypt’s economic activities steadily expanding, the insurance market is expected to play an increasingly vital role in fostering resilience and supporting investments in various sectors.

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