Egypt

Overview

Egypt is among the countries most exposed and vulnerable to disaster risk. Its large rural population and its reliance on the Nile mean food security, lives and livelihoods are threatened by droughts, flooding, land degradation and desertification, all of which are likely to increase in impact as the effects of climate change escalate. Building financial resilience through disaster risk financing and inclusive insurance development is essential to mitigate these risks.

Main Natural Hazards

Flood, Tsunami, Earthquake

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Source:

https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile}

Insurance penetration

0.6% (2022)

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Source:

https://irff.undp.org/sites/default/files/2023-12/undp-irff-egypt-diagnostic.pdf}

Number of insurance providers

15 life insurance companies and 25 non-life insurance companies

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Source:

https://irff.undp.org/sites/default/files/2023-12/undp-irff-egypt-diagnostic.pdf}

% Workforce engaged in agriculture

19% (2022)

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Source:

https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS}

Multidimensional poverty

4.9% (2014)

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Source:

https://hdr.undp.org/system/files/documents/hdp-document/2023mpireporten.pdf}

% of population covered by inclusive insurance products

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¹
Source:
The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for Egypt of 106,132,267 people https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023}

Biodiversity ranking

#85 out of 239 countries and territories (2023)

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Source:

https://worldrainforests.com/03highest_biodiversity.htm}

Small business % contribution to workforce

75% of total employment (2022)

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Source:

https://aps.aucegypt.edu/en/articles/762/employment-creation-in-egypt-firm-characteristics-and-state-business-relations}

Our projects

Building capacity and exploring opportunities
UNDP is supporting Egypt’s Ministry of Agriculture and Land Reclamation to build the insurance market enabling environment and develop risk financing strategy as part of the Tripartite Agreement (TPA) – a public-private partnership between UNDP, 20 of the world’s largest insurers under the framework of the Insurance Development Forum and the German Federal Ministry of Economic Cooperation and Development (BMZ).
UNDP is also working to train local practitioners on inclusive insurance and helping to explore the potential of sharia-compliant Takaful insurance for protecting vulnerable groups in the country.

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Increasing actuarial capacity to improve financial risk management
The UNDP Milliman Global Actuarial Initiative (GAIN) aims to help countries predict and prepare for risks by increasing actuarial capacity, enabling better risk modelling and more accurate pricing of insurance and social protection mechanisms. Through GAIN, UNDP is working with Egypt’s government, private sector partners and universities to improve and expand actuarial training in the country.

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Incentivizing the development of new insurance products and services across emerging economies
UNDP’s Insurance Innovation Challenges are powering a new generation of insurance products and services tailored to underserved households and businesses in developing economies.
- Active in 25 countries, with an investment of over US$2.1 million
- Addressing specific barriers and opportunities to scale financial protection, with a particular focus on women, SMEs and other vulnerable groups
- Creating market opportunities for insurance providers and safeguarding development.
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