{"id":600942,"date":"2019-02-14T04:04:38","date_gmt":"2019-02-14T04:04:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/14\/egyptian-insurance-market-has-untapped-potential-moodys\/"},"modified":"2019-02-14T04:04:38","modified_gmt":"2019-02-14T04:04:38","slug":"egyptian-insurance-market-has-untapped-potential-moodys","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/14\/egyptian-insurance-market-has-untapped-potential-moodys\/","title":{"rendered":"Egyptian insurance market has \u201cuntapped potential\u201d- Moody\u2019s"},"content":{"rendered":"

<\/a> Egyptian insurance market has \u201cuntapped potential,\u201d ratings agency says:<\/b> Egypt\u2019s insurance market is loaded with \u201cuntapped potential,\u201d Moody\u2019s said this week as its PR blitz on Egypt continued. The credit rating agency predicted that the good times will continue to roll for the industry, forecasting revenues to \u201cgrow strongly and profitably\u201d over the short to medium terms. This is thanks to the improving economic situation, government plans to enforce mandatory health insurance<\/a> for all Egyptians, and proposed capital regulations contained in the Insurance Act.<\/p>\n

Moody\u2019s thinks the Insurance Act is a good thing. The insurance companies don\u2019t. <\/b>Moody\u2019s says that the industry will benefit from the improved credit profile that will come with the legislation\u2019s proposal to increase capital requirements. In its current form the legislation would raise<\/a> the minimum capital requirements for insurance companies by 150% to EGP 150mn, and a huge 733% (EGP 500 mn) for reinsurance companies. This will \u201csupport absorption of both underwriting and investment risk, and lead to market consolidation,\u201d they say. Egyptian insurers meanwhile have taken a slightly different view, with the Insurance Federation of Egypt complaining to the Financial Regulatory Authority about the large increases.<\/p>\n

The key to all of this is for the industry to try to grow the pie<\/b>, as Misr Insurance Holding Company boss Basel El Hini<\/a> told us in the Enterprise 2019 CEO Poll \u2014 new entrants are piling into the market and fighting over market share rather than trying to grow the size of the market to everyone\u2019s benefit, he suggested. One of the top obstacles isn\u2019t regulation, but a lack of consumer knowledge about insurance and a fairly deeply rooted social suspicion of the insurance as a class of products.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian insurance market has \u201cuntapped potential,\u201d ratings agency says: Egypt\u2019s insurance market is loaded with \u201cuntapped potential,\u201d Moody\u2019s said this week as its PR blitz on Egypt continued. The credit rating agency predicted that the good times will continue to roll for the industry, forecasting revenues to \u201cgrow strongly and profitably\u201d over the short to […]<\/p>\n","protected":false},"author":1,"featured_media":600943,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[104,72,181,1324,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economy","tag-enterpriseam","tag-insurance","tag-moodys","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a5a53250-2879-4b4a-81fd-80ebd87cbc6a","is_powered_by":true,"section_story_id":"4ba3fe04-554c-4006-b2b4-cd234eb9676f","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/454.jpg","photo_position":"above","related_issue":[600935],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian insurance market has \u201cuntapped potential\u201d- Moody\u2019s - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/14\/egyptian-insurance-market-has-untapped-potential-moodys\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian insurance market has \u201cuntapped potential\u201d- Moody\u2019s\" \/>\n<meta property=\"og:description\" content=\"Egyptian insurance market has \u201cuntapped potential,\u201d ratings agency says: Egypt\u2019s insurance market is loaded with \u201cuntapped potential,\u201d Moody\u2019s said this week as its PR blitz on Egypt continued. 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This profile, which gives the country a solid credit rating of B2 with\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567462,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/egyptian-banking-system-stable-on-high-liquidity-strong-growth-moodys\/","url_meta":{"origin":600942,"position":3},"title":"Egyptian banking system \u201cstable\u201d on high liquidity, strong growth -Moody's","author":"enterpriseam admin","date":"23 January 2020","format":false,"excerpt":"Egyptian banking system \u201cstable\u201d on high liquidity, strong growth -Moody's: The Egyptian banking system will remain stable over the next 12-18 months amid high liquidity rates and strong economic growth that will raise demand for credit, Moody\u2019s Investors Service said in a report yesterday. Lower interest rates and state funding\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597946,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/09\/moodys-sees-egypts-long-term-economic-growth-outperforming-b-rated-peers\/","url_meta":{"origin":600942,"position":4},"title":"Moody\u2019s sees Egypt\u2019s long-term economic growth outperforming B-rated peers","author":"enterpriseam admin","date":"9 May 2019","format":false,"excerpt":"Moody\u2019s sees Egypt\u2019s long-term economic growth outperforming B-rated peers: Egypt\u2019s commitment to and progress on reforms since 2016 will help the economy reach a growth rate of 6% of GDP by 2021, Moody\u2019s said in an issuer comment yesterday (pdf). The ratings agency sees Egypt\u2019s growth surpassing the median for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/3365.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586887,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fitch-downgrades-credit-ratings-of-four-local-banks\/","url_meta":{"origin":600942,"position":5},"title":"Fitch downgrades credit ratings of four local banks","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"The banks now have a rating of B, down from B+","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=600942"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600942\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600943"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600942"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600942"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}