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Top 10 Insurance Companies In Egypt

The industry of insurance companies in Egypt is a mature market that has experienced strong growth in recent years.

Despite its long history of nearly 50 years, the market remains at a blossoming stage of growth compared to those in advanced economies.

Life is unpredictable, and the need for insurance coverage is often left to fate. It’s important to have a well-rounded and inclusive plan in order to ensure safety for you and your loved ones.

Having the proper amount of insurance coverage will greatly benefit you, so be sure to do your research before choosing an Egyptian insurance company that best suits your needs.

Insurance companies vary greatly in the services they offer and the benefits they provide. While it may seem overwhelming to look into insurance, our guide will help you navigate through the different entities and plans among the insurance companies in Egypt.

The most common types of insurance in Egypt are traditional insurers and takaful ones. All of them are supervised by the FRA, which makes sure that all insurance companies stick to the rules and practice good business ethics.

The insurance company Takaful Emarat is a takaful company. The Financial Regulatory Authority (FRA) plays an active role in the market by regulating all players, to make sure that everybody abides by the rules and adheres to good insurance practices in Egypt.

insurance companies in Egypt
source: insurance Business Asia

Takaful is compulsory insurance under the law in Egypt. This basic form of insurance must be provided by all non-life insurers, who also offer a wide range of products with different terms and conditions.

Insurance companies in Egypt are regulated by the Financial regulatory authority (FRA). Takaful insurers must also meet the same rules and regulations, but they have additional requirements due to their religion-based principles.

As a Takaful insurer, you are bound to comply with all FRA rules, as well as be subject to supervision. This ensures that all players play fair, thereby increasing trust and confidence in the market.

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful-branded insurance is based on Sharia or Islamic religious law, which explains how individuals are responsible to cooperate and protect one another.

Takaful policies cover health, life, and general insurance needs.

Takaful insurance companies were introduced as an alternative to those in the commercial insurance industry, which are believed to go against Islamic restrictions on riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles—all of which are outlawed in Sharia.

Did you know that there are many insurance companies in Egypt that offer different types of insurance plans?

In order to make the decision-making process easier, we have compiled a list of all the main insurance companies and the benefits they offer. From things like mortgages to car loans, each company offers different types of plans that may better fit your needs.

Top 10 insurance companies in Egypt

  • Allianz
  • Axa
  • Wethaq Takaful
  • Suez Canal Insurance
  • Bupa
  • MetLife
  • Chubb
  • Hartford Steam Boiler
  • Travelers
  • MISR
  1. Allianz

Allianz is one of the top providers of life insurance in Egypt. They provide plans to ensure the financial safety of your loved ones. Allianz’s life insurance covers funeral expenses, mortgage payments, coverage of education expenses, and replacement of lost income.

Allianz Egypt is part of Allianz Group, a global financial services provider, Allianz offers over 85 million customers worldwide products and solutions.

Their products include:

  • Car Insurance
  • Travel Insurance
  • Health Insurance
  • Retirement Planning
  • Employee Benefits

2. AXA

AXA is one of the top health insurance providers in Egypt.

If you want the peace of mind that comes with knowing your family is financially protected in case of serious illness or accident, consider getting insurance from AXA.

Their Global and Local Health Insurance plans for individuals and families provide comprehensive coverage for hospitalization expenses, visits to the doctor, and prescription medications.

They also offer

  • Auto Insurance
  • Life Insurance
  • Medication insurance
  • Protection and savings
  • Cars insurance

3. Wethaq Takaful

Wethaq Takaful offers top-notch property insurance services for a range of structures in Egypt.

Wethaq Takaful property insurance services provide financial compensation for unpredictable damage, including fire, theft, and natural disasters. Many homeowners and business owners choose their policies since they offer maximum coverage at affordable rates.

Wethaq Takaful offers plans that protect properties from fires and natural disasters, burglary, physical loss or destruction, and more, according to the policy you choose.

This type of insurance is especially important for homeowners and business owners.

Their insurance products range from:

  • Motors
  • Fire & Property
  • Construction & Engineering
  • Liabilities
  • Group Takaful & Group Medical
  • Financials
  • Marine & Aviation
  • Policy Wordings, Terms and Condition

4. Suez Canal Insurance

If you own a car, truck, or van, it’s important to have the right type of auto insurance plan.

Suez Canal’s Auto Insurance Plans is one of the insurance companies in Egypt with a very comprehensive and broad range of options including legal cost coverage in case of accident or third-party damage.

Compared to other insurance companies, Suez Canal offers great prices for affordable plans that will protect you and your vehicle against loss or damage, collision, mechanical breakdown, or fire among others.

You can be sure to enjoy the following services if you use them:

  • Decennial Insurance
  • Compulsory Vehicles Insurance
  • Comprehensive Vehicles Insurance
  • Fire and Burglary Insurance
  • Marine Hull Insurance
  • Transport Insurance
  • Medical care insurance
  • Various Accidents Insurance
  • Engineering Insurance
  • Personal accident insurance for Egyptians working abroad

5. BUPA

BUPA provides a range of corporate insurance products, from plans for businesses to plans for individuals looking for insurance in Egypt.

The main benefits that BUPA offers with corporate insurance are the financial protection that it provides from theft and loss, as well as the health care it provides for employees.

Businesses that BUPA offers its corporate insurance policies to include maritime companies, mining companies, international schools, and small companies.

They have a plan for:

  • Retirement plan
  • Medical insurance
  • Travel insurance

6. MetLife

MetLife has been an industry leader for more than 20 years, offering high-quality insurance products and services to customers through its network of representative offices across Egypt.

Their customers depend on them for the right coverage and competitive premiums that give them peace of mind.

You can enjoy the following insurance services with MetLife:

  • Life Insurance
  • Savings & Investments
  • Accident & Health Insurance

7. Chubb insurance

Chubb is the world’s largest publicly traded property and casualty insurance company that can also be found in Egypt. The company provides commercial and personal accident, health and life insurance, reinsurance, mortgage guarantees, portfolio risk solutions and financial professional liability protection.

Their products are marketed in 58 countries through their subsidiaries and affiliates.

Some of their insurance services include:

  • Life insurance
  • Accident insurance
  • Health insurance
  • Marine insurance
  • Travel insurance

8. Hartford Steam Boiler Insurance

The Hartford Steam Boiler Inspection and Insurance Company is committed to meeting the needs of our policyholders, clients, and employees through responsive products, services, and infrastructure that earn loyalty.

9. Travelers insurance

Travelers provide the insurance that protects the things that are important to you — your home, your car, your valuables, and your business — so you don’t have to worry.

They are a leader in personal, business, and specialty insurance with over 165 years of expertise and a focus on innovation, making them an insurance company one can count on in Egypt.

Their insurance products range from:

  • Car insurance
  • Home insurance
  • Renters insurance
  • Condo insurance
  • Landlord insurance
  • Boat & Yacht insurance
  • Motorcycle insurance
  • Travel insurance
  • Pet insurance
  • Weddings & Events insurance

10. MISR

Misr Insurance Company was established with the aim of helping to achieve national independence by providing insurance protection for Egyptian projects and facilitating investment activity in Egypt.

With its activities becoming successful, the company expanded into neighboring Arab countries and began insuring projects there.

MISR has different products that you can choose and they are:

  • Petroleum and energy insurance
  • Shipping insurance
  • Aviation insurance
  • Medication insurance
  • Car insurance
  • Fire and burglary insurance

Related article: Top 10 Insurance Companies in South Africa

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