The report titled Jordan Insurance
Market Outlook to 2017 Supported by Growth in Non-life Insurance provides a
comprehensive analysis of the various aspects such as market size,
segmentation, trends and developments and future projections of life and
various non-life insurance segments such as medical, fire and other damages,
marine, aviation, liability and credit. The report provides the market share
in major segments and company profiles of major players present in the
market.
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Complete Report Here: http://www.marketresearchreports.biz/analysis-details/jordan-insurance-market-outlook-to-2017-supported-by-growth-in-non-life-insurance
The insurance sector of Jordan
presently is comprised of 28 companies which are licensed to operate their
insurance business in Jordan. The sector is regulated by the Insurance
Commission which regulates and supervises insurance supporting service
providers in the country. These comprise of 514 agents, 98 brokers, 11
reinsurance brokers, 50 loss adjusters and surveyors, 13 actuaries, 22
consultants, 1 cover holder, 15 companies administrating insurance business
and 9 banks licensed to practice bancassurance.
The insurance industry of Jordan
has experienced high growth after 1995 when the sector was reopened for the
investors with a minimum capital requirement of JD 2.0 million. This was
considered to be a low minimum capital requirement and favorably shaped the
industry to a high growth trajectory.
The insurance penetration which is
the total premiums as percentage of GDP in the country is relatively low as
per the global standards and stood at 2.3% in 2009. The gross insurance
premiums underwritten in the country have increased from USD ~ million in 2007
to USD ~ million in 2012 at a CAGR of 11.2% during 2007-2012.
The insurance market of Jordan is
dominated by non-life insurance which has a share of 90.8% in the premiums
written by the insurance providers in the country. Jordans non-life insurance
market comprises of eight branches which include motor, medical, fire, marine,
aviation, liability, credit and others. However, the market is largely driven
by motor and medical insurance and these are the largest segments having
contribution of around 46.3% and 28.1% respectively to the overall non-life
insurance market of the country in terms of gross premiums generated in
2012.
Motor is the largest segment in the
non-life insurance market of Jordan which generated USD ~ million of gross
premiums in the year 2012, equivalent to 46.3% of the non-life gross premium
underwritten in the country. Motor insurance market of Jordan is highly
fragmented with large number of players present in this segment. The largest
five players in this segment include Arab Orient Insurance, Jordan Insurance,
Holy Land Insurance, Jordan Emirates Insurance and Arab Union International
Insurance which together account for ~% of the gross premiums underwritten.
Medical is the second largest
non-life insurance segment with gross underwritten premiums reaching to USD ~
million in 2012, making up ~% of the non-life insurance sector in the country.
The share of the medical segment in the non-life premiums underwritten in the
country has consistently increased from ~% in 2007 to ~% in 2012. The medical
insurance market of Jordan is projected to grow robustly until 2017 where the
share of the segment in the countrys non-life insurance market is estimated to
reach ~% by 2017 from 28.1% in 2012. This will make medical insurance the
largest segment in the insurance sector of the country.
Jordans insurance market is
expected to almost double during 2012-2017, where the total gross premiums
underwritten in the country are estimated to reach USD ~ million in 2017 from
USD ~ million in 2012. The various factors that will drive the insurance
market of the country in the coming years include the economic growth of the
country, favorable demographics, growing awareness level, expanding financial
services sector and improvements in the legislation and regulations affecting
the insurance industry of the country.
KEY TOPICS COVERED IN THE REPORT
- The market size of the Jordan
insurance market by value on the basis of gross written premiums.
- The market segmentation of the
Jordan insurance market by life and non-life.
- The market size and future
projections of the life and non-life segments.
- Market segmentation of the
Jordan non-life insurance market by motor, medical, fire and other damage
to property, marine, aviation, liability, credit and suretyship and
others.
- Market size and future projections
of Jordan motor, medical, fire and other damage to property, marine,
aviation, liability, credit and suretyship and others insurance segments.
- Market share of major players
in life and various non-life segments.
- Company Profiles of major
players in the Jordan insurance market.
- Future outlook and projections
of the Jordan insurance market on the basis of gross written premiums.
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