The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: We retain our core view for the Egyptian insurance market in our latest Q4 2016 report update.
We are of the opinion that the market is projected to grow at a steady pace, albeit from a relatively low
base. Economic growth has led to a rise in average household income rates, which in turn is heightening
demand for life and non-life insurance products alike. Demand for key lines such as motor and health
insurance remains high, and we are seeing a broadening in range of products available in the market. Key
to growth will be the expansion of takaful and microinsurance products, which will enable insurers to
access the large first time user market. Barriers to growth remain, however, including a fragmented
marketplace and an uncertain regulatory environment.
Key Updates And Forecasts
? Takaful insurance is growing rapidly in Egypt. The Secretary-General of Insurance Federation of Egypt,
Abdel-Raouf Kotb, recently reported that takaful insurance now accounts for 11.0% of the country's
? Work continues on drafts of a new health insurance bill which is expected to be presented by government
to parliament. The new health insurance law will include the introduction of health insurance payments
and will expand coverage, though we note it has come under significant criticism from medical
practitioners in the country.