Arab Finance: Amid a period of significant transformation and robust growth in Egypt's financial sector, the insurance brokerage industry is playing a more critical role than ever. With gross written premiums surging by nearly 40% in early 2025 and the recent enactment of the Unified Insurance Law, brokers are at the forefront of driving market expansion and professionalism.

In this dynamic landscape, we sit down with Sherif Abbas, Chairman and CEO of Good Life Insurance Brokers, a leading firm now celebrating its 15th anniversary. We discuss how the company is leveraging technology, strategic partnerships, and a client-first approach to capitalize on new opportunities and set the standard for the industry's future.

1-Could you give us an updated overview of Good Life Insurance Brokers' current market position in Egypt’s insurance brokerage sector? What are your key competitive advantages?

Good Life Insurance Brokers is a leading Egyptian insurance brokerage firm, marking its 15th anniversary this year as a licensed joint-stock company. Over this period, we have secured a strong market position among Egypt’s top-performing brokers, consistently serving a diverse client base that includes both individuals and major institutions.

We differentiate ourselves by delivering insurance solutions tailored to each client’s unique business requirements. This level of service is enabled by our highly experienced team and our continuous commitment to professional development and specialization.

As a result, we have added tangible value across all lines of insurance, offering more effective coverage and policy terms that precisely meet our clients’ actual needs.

2-What specific segments or niches does Good Life primarily serve? Do you plan to expand into new areas?

Since its inception, Good Life has pursued a comprehensive strategy to serve diverse insurance segments. These include individuals, corporate clients, industrial and commercial entities, as well as financial institutions. This approach reflects our recognition of significant opportunities and unmet needs across these sectors.

Our growth aligns with the evolution of the Egyptian insurance market, characterized by increased awareness, the introduction of innovative products, and the entry of new competitors that have enhanced competition and market diversity.

We are emphasizing financial and banking institutions, where our technical expertise and deep market understanding provide a clear competitive advantage.

Simultaneously, we continue to strengthen our offerings in medical insurance, property insurance, project-related coverage, engineering risks, and motor insurance. This is supported by a robust client portfolio and solid market reputation.

Furthermore, we are committed to developing tailored solutions for small and medium-sized enterprises (SMEs) and forming strategic partnerships with organizations that have extensive customer bases. These efforts enable us to deliver innovative, value-driven insurance products that address specific client needs.

3-What have been the most significant milestones or achievements for Good Life Insurance Brokers?

Over the past years, Good Life has reached several key milestones that demonstrate our sustained growth and commitment to excellence within the Egyptian insurance brokerage sector:

• We have consistently maintained strong annual growth rates of 40% to 50%, driven by the continuous expansion of multiple business lines, including medical insurance, motor, financial institutions, project coverage, and property insurance.
• We have established strategic partnerships with numerous banks, financial institutions, and lending companies. This has expanded our client base and strengthened our presence in critical market sectors.
• We prioritize the development of innovative insurance solutions and customized programs that provide tangible value, exemplifying Good Life’s distinct approach to design, coverage, and execution.
• Significant investments have been made to upgrade our technology infrastructure, encompassing our company website, mobile application, customer relationship management (CRM) system, and internal operations. This integration across all departments enhanced performance, customer experience, and data-driven decision-making.
• We implemented a comprehensive corporate governance framework across all departments to ensure enhanced oversight, transparency, and decision-making quality.
• The Board of Directors was restructured by appointing highly qualified members with diverse business expertise, reinforcing our long-term strategic direction.
• Our sales force has been substantially developed through targeted recruitment of top talent and the launch of structured training programs based on a thorough assessment of departmental needs.
• Additionally, we have actively participated in major insurance conferences and relevant business events to reinforce our industry engagement and maintain alignment with market trends.

4-How has Good Life embraced digital transformation, and what specific technologies are you leveraging to enhance operations and customer experience?

In recent years, the Egyptian insurance market has witnessed significant progress in digitalization, supported by regulatory frameworks and decisions issued by the Financial Regulatory Authority (FRA). These initiatives aim to integrate technology into the non-banking financial services sector, in line with the state’s financial inclusion strategy.

Good Life has aligned with this direction from its inception, making digital transformation a core pillar of its strategy. Today, the market has reached a point where certain insurance coverages can be issued electronically. This scope is expected to expand gradually as insurance companies continue to implement FRA’s regulatory and technological infrastructure requirements.

In this evolving landscape, Good Life has fully upgraded its digital infrastructure. We have enhanced our website and launched a user-friendly mobile application that allows clients to request quotes, submit applications, and track policies with ease.

Currently, we are expanding automation capabilities in pricing, offer comparisons, and sales support tools, empowering our teams and creating a faster, more transparent experience for clients.

We firmly believe that digital transformation is no longer optional, it is a strategic necessity to drive operational excellence, improve customer experience, and scale sustainably.

5. What were Good Life Insurance Brokers’ revenues and premium volumes last year, and what are your financial expectations for 2025?

In 2024, Good Life achieved a total written premium volume of EGP 203.7 million, generating EGP 32.2 million in commission income.

For 2025, we project significant growth, with expected premiums of EGP 358.7 million and commission revenues of approximately EGP 48.1 million. These projections reflect a 76.1% increase in premium volume and a 49.1% increase in commission income compared to 2024.

This growth is driven by our strategic expansion across key insurance segments, continued investment in technology, and strengthened partnerships with institutional clients. We are confident that our diversified portfolio, agile team, and focus on value-driven solutions will allow us to maintain this upward trajectory in 2025 and beyond.

6. How is Good Life positioned to capitalize on the overall growth trends observed in the Egyptian insurance market (e.g., the 40% climb in insurance premiums in January–February 2025)?

Good Life is strongly positioned to capitalize on the current momentum in the Egyptian insurance market. In fact, we are not only aligned with market trends, we are also actively contributing to them.

In the first half of 2025, our company recorded over 40% growth in premium volume, reflecting our readiness and responsiveness to market demand.

We continue to invest in expanding our footprint across key sectors, with a strategic focus on partnerships with influential entities such as telecom companies, automotive dealerships, and sports clubs. These partnerships enable us to reach wider customer segments through trusted and established channels.

Over the past two years, we have also dedicated significant efforts to studying and specializing in the marketing of cyber insurance solutions. This comes in response to the growing reliance on technology by institutions and businesses, which has led to increased exposure to cyber risks.

Looking ahead, we plan to expand into agricultural insurance, an area gaining national attention. This is aligned with government initiatives to provide protection to farmers and support agri-finance institutions offering funding to small-scale producers.

Moreover, Good Life is actively developing innovative insurance solutions tailored for SMEs, startups, and business incubators. This aligns with Egypt’s national agenda to support entrepreneurship and stimulate the growth of emerging businesses.

7. Egypt's new Unified Insurance Law (Law No. 155 of 2024) was enacted on July 9th, 2024. As a key player in the brokerage sector, how do you view the impact of this landmark legislation on the Egyptian insurance market, particularly for brokers?

The Unified Insurance Law No. 155 of 2024 represents a major milestone in regulating the Egyptian insurance sector. It reflects the state’s commitment to building a more professional and transparent insurance environment by consolidating all insurance-related activities under a single legislative and regulatory framework.

The law comes at a critical time, as the market is expanding rapidly and requires modern regulatory tools to support sustainable growth. From our perspective as a brokerage firm, this legislation presents a valuable opportunity to formalize industry practices, enhance market efficiency, and promote fair competition.

It also strengthens the role of insurance brokers by establishing clear professional standards, governance requirements, and a more transparent relationship framework with both clients and insurance companies.

At Good Life, we fully welcome this regulatory development. We consider it a positive step toward building greater client trust, attracting new investments to the sector, and fostering more effective collaboration among all stakeholders in the insurance ecosystem.

8. Recent reports indicate a sharp rise in gross written premiums (GWP) in the Egyptian insurance market (e.g., 39% in January 2025). What do you believe are the primary drivers behind this robust growth, and do you expect this momentum to continue throughout 2025?

The notable increase in gross written premiums reflects a real shift in the dynamics of the Egyptian insurance market, driven by a combination of positive developments in recent years. Key drivers of this growth include:

- Rising awareness of insurance among individuals and businesses, supported by the collective efforts of regulators, insurers, and brokers.

- Government policies promoting financial inclusion, which have brought new segments into the financial system, including insurance.

- Legislative reforms, most notably the enactment of the Unified Insurance Law, which have enhanced trust and attracted new market participants.

- Expansion of new product lines, such as cyber insurance, agricultural coverage, and specialized programs for SMEs.

- The growing role of technology in distribution, issuance, and collections. It has improved efficiency and expanded customer reach.

9. What are the biggest challenges currently facing the Egyptian insurance sector, particularly from a brokerage perspective?

Despite the significant growth in Egypt’s insurance market, the sector still faces several structural and operational challenges, especially from a brokerage standpoint:

- Limited insurance awareness among certain population segments, which continues to hinder demand for non-mandatory insurance lines. This places extra responsibility on brokers to educate and simplify complex offerings.

- The gap between customer needs and the design of some insurance products. It creates a challenge in matching supply with actual demand. This highlights the vital role brokers play in customizing solutions.

- Inconsistent professional standards among brokerage firms. This can affect the overall perception of the sector and calls for clearer qualification and accreditation frameworks for intermediaries. 

- Rising operational costs, driven by inflation, increased investment in technology, and the need for highly skilled personnel, all of which can weigh heavily on small and mid-sized brokerages.

At Good Life, we view these challenges as opportunities for growth. That is why we continue to focus on specialization, digital innovation, talent development, and delivering real value to our clients.

10. What are the most promising opportunities for growth within the Egyptian insurance market in the coming years?

Egypt’s insurance market is undergoing a significant transformation, opening the door to real and diverse growth opportunities over the coming years. Among the most promising areas are:

- Cyber insurance, which is becoming a necessity amid growing reliance on technology and data. It is one of the fastest-growing segments, especially as large and mid-sized institutions face increasing cyber exposure.

- Agricultural insurance, which is gaining strong governmental support to provide protection for small-scale farmers. The sector is also benefiting from developmental financing and the growing role of cooperative and microfinance institutions.

- Financial inclusion-linked products, such as microinsurance and loan-protection plans, which offer simplified, accessible coverage to previously underserved populations.

- Tailored insurance programs for SMEs, a rapidly expanding segment that requires flexible, sector-specific insurance solutions.

- Digital distribution channels, including mobile apps and online platforms, which allow insurers and brokers to reach new customers more efficiently and at lower cost.

- Cross-sector partnerships with non-financial entities, such as telecom providers, e-commerce platforms, clubs, and lifestyle apps. They present promising models for embedding insurance into everyday services.

At Good Life, we are fully aligned with these trends. We are actively designing and delivering innovative, impactful insurance solutions that seize these opportunities while maintaining the highest standards of professionalism and operational excellence.

11. Finally, despite growth, insurance penetration in Egypt remains relatively low compared to global benchmarks. What steps do you believe are crucial to enhance insurance awareness and deepen penetration among individuals and businesses in Egypt?

Despite ongoing growth, insurance penetration in Egypt remains below global averages. Addressing this gap requires coordinated efforts from regulators, insurers, brokers, and other stakeholders to build trust, simplify access, and raise awareness.

From our perspective, several practical steps are essential:

- Raising insurance awareness through structured campaigns that target various population segments, focusing on simplifying concepts and highlighting insurance as a key tool for financial and social protection. This can be achieved through partnerships with universities, schools, and civil society organizations, along with broader use of digital media and social platforms to reach younger and underserved demographics.

- Accelerating digital transformation across the insurance value chain to simplify the purchasing and claims processes, making them faster, more transparent, and aligned with the evolving expectations of today’s mobile-first, tech-savvy customers.

- Expanding mandatory insurance schemes for certain professions and types of businesses, such as professional liability coverage or compulsory insurance for shopping malls, hotels, and sports clubs, as part of licensing requirements. This would help broaden the insured base while naturally raising awareness of insurance's role in risk management.

- Developing simple, inclusive products for underserved segments, including freelancers, informal workers, and microenterprises—through microinsurance tools that offer accessible, affordable protection.

- Empowering professional brokers as key awareness and advisory agents, by enhancing their training, equipping them with digital tools, and reinforcing their role as trusted intermediaries.

- Strengthening collaboration between the private sector and regulators to encourage more flexible regulatory frameworks and targeted incentives that expand reach, support product innovation, and create sustainable growth.

At Good Life, we view increasing insurance penetration as a shared responsibility. We are committed to playing our part through digital innovation, client education, and delivering simple, effective, and trusted insurance solutions to every segment of society.

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