The Insurance Industry in Jordan, Key Trends and Opportunities to 2017

The Insurance Industry in Jordan, Key Trends and Opportunities to 2017

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The Jordanian insurance industry grew in terms of written premium at a CAGR of 8.4% during the review period, partly supported by the country's economic strength, and strong performance by the motor insurance category in particular. Ongoing regional and internal disruptions are expected to impact and slow the growth of the Jordanian insurance industry over the forecast period. As such, the industry is expected to grow at a slower pace, at a CAGR of 7.2% over the forecast period.

Report Highlights
  • The Jordanian insurance industry grew in terms of written premium at a CAGR of 8.4% during the review period, partly supported by the country's economic strength, and strong performance by the motor insurance category in particular.
  • Motor third-party liability insurance and aviation liability insurance are compulsory in Jordan, and the Jordanian government approved fire and earthquake insurance to be classified as compulsory in October 2013.
  • The Jordanian insurance industry is moderately fragmented with 27 insurance companies operating in the country as of June 2012, and 33.7% of the industry held by the leading three insurers.
  • The Jordanian economy remained relatively stable despite regional disruption during 2008-2011.
  • Following 2011, when the country's natural gas pipelines from Egypt were sabotaged, economically vital gas imports were heavily affected.
  • The introduction of new health products, including micro-health insurance for women, is expected to increase insurance penetration in the country.
Report Scope

This report provides a comprehensive analysis of the insurance industry in Jordan:
  • It provides historical values for the Jordanian insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Jordanian insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Jordan, and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Jordanian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Jordanian insurance industry.
  • Assess the competitive dynamics in the Jordanian insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Jordanian insurance industry and its impact on companies and the industry's future.

Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Personal Accident and Health Insurance - Regional Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 Jordanian Insurance Industry Overview
4.1 Jordanian Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Life Insurance
5.1 Life Insurance Growth Prospects
5.1.1 Individual life insurance
5.1.2 General annuity insurance
5.1.3 Individual unit-linked insurance
6 Non-Life Insurance
6.1 Non-Life Insurance Growth Prospects
6.2 Property Insurance
6.2.1 Fire and allied perils insurance
6.2.2 Engineering insurance
6.2.3 Other property insurance
6.3 Motor Insurance
6.3.1 Motor hull insurance
6.3.2 Motor third-party insurance
6.4 General Liability Insurance
6.5 Marine, Aviation and Transit Insurance
6.5.1 Marine insurance
6.5.2 Aviation insurance
7 Personal Accident and Health Insurance
7.1 Personal Accident and Health Insurance Growth Prospects by Category
7.1.1 Personal accident insurance
7.1.2 Health insurance
8 Reinsurance
9 Analysis by Distribution Channel
9.1 Life Insurance
9.1.1 Direct marketing
9.1.2 Bancassurance
9.1.3 Agencies
9.1.4 E-commerce
9.1.5 Brokers
9.2 Non-Life Insurance
9.2.1 Direct marketing
9.2.2 Bancassurance
9.2.3 Agencies
9.2.4 E-Commerce
9.2.5 Brokers
9.2.6 Other channels
9.3 Personal Accident and Health Insurance
9.3.1 Direct marketing
9.3.2 Bancassurance
9.3.3 Agencies
9.3.4 E-commerce
9.3.5 Brokers
9.3.6 Other channels
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Regulations by Type of Insurance
10.2.1 Life insurance regulations
10.2.2 Property insurance regulations
10.2.3 Motor insurance regulations
10.2.4 Marine, aviation and transit insurance regulations
10.2.5 Personal accident and health insurance regulations
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Workers' compensation insurance
10.4 Supervision and Control
10.4.1 International Association of Insurance Supervisors
10.4.2 Insurance Commission
10.4.3 Jordan Insurance Federation (JIF)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and penalties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Corporate tax
10.7.3 VAT
10.7.4 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Alternative dispute resolution (ADR)
11 Competitive Landscape
11.1 Overview
11.2 Leading Companies
11.2.1 Arab Orient Insurance Co. - company overview
11.2.2 Jordan Insurance Company - company overview
11.2.3 Middle East Insurance Co. - company overview
11.2.4 Jordan French Insurance Co. (Plc) - company overview

Companies Mentioned:

Arab Orient Insurance
Jordan Insurance
Middle East Insurance
Jordan French Insurance
First Insurance
AL-Nisr Al-Arabi Insurance
Islamic Insurance
Jordan Emirates Insurance
Metlife Alico
Euro Arab Insurance Group