Egypt courts insurers with reform pitch, seeks more foreign investment

Egypt is seeking to attract more investment from global and regional insurers as it overhauls sector regulations and works to deepen private-sector participation in the economy, Investment and Foreign Trade Minister Mohamed Farid said on Monday.

Speaking at an event marking the 25th anniversary of Allianz’s operations in Egypt, Farid said recent changes to insurance regulation and broader economic reforms were creating new opportunities for insurers to expand in one of the Middle East’s largest consumer markets.

He pointed to Egypt’s Unified Insurance Law and stricter capital requirements for insurers and reinsurers as key steps towards building a stronger and more financially resilient market. The government is also looking to broaden insurance penetration among households and businesses through digital services and stronger consumer protections, he said.

Farid reiterated plans to list up to 20 per cent of state-owned Misr Life Insurance on the Egyptian Exchange (EGX), part of a broader state drive to deepen local capital markets and attract more private investment into strategic sectors.

Egypt is also targeting more investment in health insurance, coverage for small and medium-sized enterprises, export insurance, and products designed to mitigate investment and trade risks, according to Farid.

The push comes as Egypt seeks to strengthen the role of insurance in supporting business expansion, exports, and project finance while pursuing a broader reform agenda to simplify licensing procedures, reduce non-tax burdens on companies, and improve the investment climate.

Attribution: Amwal Al Ghad English