The report titled Israel Insurance
Insurance Outlook to 2017 Life Insurance to Lead the Market provides a
comprehensive analysis of the various aspects such as market size,
segmentation, market share of major players and future projections of life,
non-life, motor vehicle property, motor vehicle compulsory, health and
hospitalization, property and comprehensive business, comprehensive flats,
personal accidents, employers liability, engineering, mortgage banks, marine
freight, aircraft and vessel and other liabilities. The report provides the
company profiles of major players present in the Israeli life and non-life
insurance market.
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Complete Report Here: http://www.marketresearchreports.biz/analysis-details/israel-insurance-industry-outlook-to-2017-life-insurance-to-lead-the-market
The insurance market in the country
is concentrated with five large insurance companies accounting for 90% of the
insurance premiums in the country. However, most of the insurers are composite
companies and transact in both life and non-life business. CMISD is
responsible for the supervision of 23 insurance companies, 11 new pension
funds, 18 old pension funds, 65 management fund companies which together had
assets of almost NIS 1.0 trillion as of June 30, 2011. The life insurance
market of the country is dominated by high demand for unit linked products
where the policyholder bears the risk involved in investment. As a result the
life insurance industry of the country generally has stable income based on
asset management fees. The other life insurance products such as term and
endowment hold only a minor share of the market. Non-life insurance accounts
for around 45.4% of the total insurance premiums generated in the country in
which motor vehicle insurance alone makes up about 48.5% of the premiums. With
total insurance premium of USD ~ million in 2012 the Israeli insurance market
is significant in absolute terms as well as percentage of GDP.
Life insurance is the largest
segment in the insurance market of Israel indicating high preference of the
population of the country for life insurance products. The share of the
segment in the insurance market of the country has consistently increased from
49.2% in 2007 to 52.2% in 2010 and 54.6% in 2012. In the year 2012, the life
premiums underwritten by these companies increased to USD ~ million indicating
a CAGR of 8.5% during 2007-2012.
The non-life insurance market of
Israel can be categorized into thirteen broad segments comprising motor
vehicle propriety insurance, motor vehicle compulsory insurance, health and
hospitalization insurance, loss of property and comprehensive business, comprehensive
flats, personal accidents, employers liability, other liability branches,
engineering, mortgage banks, aircraft and vessel, marine freight and other
risks. Motor vehicle propriety insurance is the largest segment and
contributes ~% to the non-life insurance market. This is followed by motor
vehicle compulsory insurance which has a share of 21.1% in the non-life gross
premiums underwritten in the country. Health and hospitalization is the third
largest segment and accounts for 16.7% of the non-life premiums underwritten
in the country.
Motor vehicle property insurance is
the largest segment in the non-life insurance market of Israel and contributes
27.4% to the gross premiums generated. The market for this insurance segment
has grown at a CAGR of 2.1% during 2007-2012 where the gross premiums
underwritten by various motor insurers have reached USD ~ million in 2012 from
USD ~ million in 2007.
The health and hospitalization
premiums in Israel have increased from USD ~ million in 2007 to USD ~ million
in 2012, where the share of the segment in the non-life insurance market of
the country has grown from 13.7% in 2007 to 16.7% in 2012. The health and
hospitalization insurance market of Israel consists of Harel, Phoenix, Clal,
Migdal and Menora as major players. Harel is the largest player with a market
share of ~% of the total premiums generated in this segment as of 2012. This
is followed by Phoenix which accounted for ~% of the gross premiums in 2012.
Clal holds the third position which had a share of ~% in the total health and
hospitalization premiums underwritten in the country in the same year.
The insurance market of Israel is
projected to grow strongly in the coming years on account of the high positive
growth of the life and non-life insurance segments. However, the insurance
market of the country is estimated to continue to be dominated by the life
insurance segment which is expected to achieve higher growth over the non-life
insurance segment. The insurance market of the country in a base case scenario
is projected to grow at a CAGR of 9.6% during 2012-2017 to reach USD ~ million
in 2017. In this case, the insurance premiums will surge year-on-year until
2017 on account of the rising population, political and financial stability
and steady GDP growth of the country. Because of the rising population, the
demand for various life and non-life insurance products would continue to
incline in coming years.
KEY TOPICS COVERED IN THE REPORT
- The market size of the Israel
insurance market by value on the basis of gross written premiums.
- The market segmentation of the
Israel insurance market by life and non-life.
- The market size and future
projections of the life and non-life segments.
Market segmentation of the Israel
non-life insurance market by motor vehicle propriety insurance, motor vehicle
compulsory insurance, health and hospitalization insurance, loss of property
and comprehensive business, comprehensive flats, personal accidents, employers
liability, other liability branches, engineering, mortgage banks, aircraft and
vessel, marine freight and other risks.
Market size and future projections
of Israel motor vehicle propriety insurance, motor vehicle compulsory
insurance, health and hospitalization insurance, loss of property and
comprehensive business, comprehensive flats, personal accidents, employers
liability, other liability branches, engineering, mortgage banks, aircraft and
vessel, marine freight and other risks.
- Market share of major players
in life and various non-life segments.
- Company Profiles of major
players in the Israel insurance market.
- Future outlook and projections
of the Israel insurance market on the basis of gross written premiums.
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