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(From Reinsurance)
By Isobel McCalman.
Egypt
As a member of the World Trade Organisation, Egypt has been liberalising its insurance market and eliminating barriers to foreign investment. The market now has 20 players, of which 13 have some foreign investment (see table).
The four state-owned companies continue to dominate the market at this time although there is considerable growth in the private companies. Hammam Bader, chairman of Egypt Re says that figures from the Egyptian Insurance Supervisory Authority show that in the 2002-2003 period, state-owned companies had 69.2% of total premiums (EGBP 664m) and showed a 16.9% growth ratio where, in the same period, the private companies had a 30.8% share (EGBP 295m) but a growth ratio of 74.6%. However, when broken down into life and non-life, the state-owned companies' share of the total life business has been falling while its share of non-life has been fluctuating, although it is still bigger.
Mr Bader concludes that the state companies still enjoy financial strength, strong capital, technical and free reserves and investments that it is difficult for the private companies to compete with.
Iran