Egyptian insurance professionals are set to benefit from a 30% increase in motor insurance rates in 2023.
This comes as a result of soaring vehicle prices, which have more than tripled since the beginning of the year.
The local insurance market generated a turnover of 56.1 billion EGP (3 billion USD) in 2022.
The market is dominated by the motor class of business, which has recorded a turnover of 6.7 billion EGP (358 million USD), or 12% of the total premiums written in Egypt in 2022.
