Investment Expects 5% GDP Increase in Egypt’s Insurance Sector: Minister

Egyptian Investment Minister Ashraf Soliman said the insurance sector represents around 1% gross domestic product (GDP) expecting to increase to 5% within the upcoming 3 years, asserting that this service activity is the backbone of economic growth during the current phase.

He added on the sidelines of GAIF Conference today that there are several axes contributed in the GDP of insurance sector in the coming years, most notably the current national projects that will launch in the local market.

The digging of a new canal and Suez Canal Axis Development projects are the most prominent projects that aim to activate the insurance sector, stressing that digging of a new canal draft worth EGP60 billion distributing between EGP30 billion for drilling canal and the remaining value will be worked to dig 6 tunnels in Port Said and Ismailia, Minister noted.

The two projects will achieve development for the companies operating in the Egyptian market as it will provide insurance policies for personal insurance companies and collecting money.