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Jordan Insurance Market Outlook to 2017 - Supported by Growth in Non-life Insurance

  • November 2013
  • -
  • Ken Research Private Limited
  • -
  • 71 pages

EXECUTIVE SUMMARY

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.

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. Jordan’s 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 country’s 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.

Jordan’s 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.

Table Of Contents

Jordan Insurance Market Outlook to 2017 - Supported by Growth in Non-life Insurance
TABLE OF CONTENTS

1. Jordan Insurance Market Introduction and Size by Gross Written Premiums, 2007-2012
2. Jordan Insurance Market Segmentation by Life and Non-Life, 2007-2012
3. Jordan Life Insurance Market
3.1. Jordan Life Insurance Market Introduction and Size, 2007-2012
3.2. Market Share of Major Players in Jordan Life Insurance Market, 2008-2012
3.3. Future Projections for Jordan Life Insurance Market, 2013-2017
4. Jordan Non-Life Insurance Market
4.1. Jordan Non-Life Insurance Market Size, 2007-2012
4.2. Jordan Non-Life Insurance Market Segmentation by Motor, Accident and Liability, Fire, Marine and Transport, Medical and Others, 2007-2012
4.3. Future Projections for Jordan Non-Life Insurance Market, 2013-2017
5. Jordan Motor Insurance Market
5.1. Jordan Motor Insurance Market Introduction and Size, 2007-2012
5.2. Market Share of Major Players in Jordan Motor Insurance Market, 2008-2012
5.3. Future Projections for Jordan Motor Insurance Market, 2013-2017
6. Jordan Medical Insurance Market
6.1. Jordan Medical Insurance Market Introduction and Size, 2007-2012
6.2. Market Share of Major Players in Jordan Medical Insurance Market, 2008-2012
6.3. Future Projections for Jordan Medical Insurance Market, 2013-2017
7. Jordan Fire and Other Damage to Property Insurance Market
7.1. Jordan Fire and Other Damage to Property Insurance Market Introduction and Size, 2007-2012
7.2. Market Share of Major Players in Fire and Other Damage to Property Insurance Market, 2008-2012
7.3. Future Projections for Jordan Fire and Other Damage to Property Insurance Market, 2013-2017
8. Jordan Marine Insurance Market
8.1. Jordan Marine Insurance Market Introduction and Size, 2007-2012
8.2. Market Share of Major Players in Jordan Marine and Transport Insurance Market, 2008-2012
8.3. Future Projections for Jordan Marine Insurance Market, 2013-2017
9. Jordan Aviation Insurance Market
9.1. Jordan Aviation Insurance Market Introduction and Size, 2007-2012
9.2. Jordan Aviation Insurance Market Future Outlook and Projections, 2013-2017
10. Jordan Liability Insurance Market
10.1. Jordan Liability Insurance Market Introduction and Size, 2007-2012
10.2. Market Share of Major Players in Jordan Liability Insurance Market, 2008-2012
10.3. Future Projections for Jordan Liability Insurance Market, 2013-2017
11. Jordan Credit Insurance Market
11.1. Jordan Credit and Suretyship Market Size and Future Projections, 2007-2017
12. Jordan Other Insurance Market
12.1. Jordan Other Insurance Market Size and Future Projections, 2007-2017
12.2. Market Share of Major Players in Jordan Other Insurances Market, 2008-2012
13. Government Regulations in Jordan Insurance Market
14. Jordan Insurance Market Future Outlook and Projections, 2013-2017
15. Company Profiles of Major Players in Jordan Insurance Market
16. Macroeconomic Factors
16.1. Population, 2007-2017
16.2. Healthcare Expenditure, 2007-2017
16.3. GDP at Current Prices, 2007-2017
16.4. Number of Licensed Vehicles, 2007-2017
16.5. Gross Capital Formation from Real Estate Activities, 2007-2017
17. Appendix
17.1. Market Definition
17.2. Abbreviations
17.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
17.4. Disclaimer

LIST OF FIGURES

Figure 1: Jordan Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 2: Jordan Insurance Market Segmentation by Life and Non-Life on the basis of Gross Witten Premiums in Percentage, 2007-2012
Figure 3: Jordan Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 4: Jordan Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 5: Jordan Non Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 6: Jordan Non-Life Insurance Market Segmentation on the basis of Gross Written Premiums in Percentage, 2007-2012
Figure 7: Jordan Non-Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 8: Jordan Motor Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 9: Jordan Motor Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 10: Jordan Medical Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 11: Jordan Medical Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 12: Jordan Fire and Other Damage to Property Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 13: Jordan Fire and Other Damage to Property Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 14: Jordan Marine Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 15: Jordan Marine Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 16: Jordan Aviation Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 17: Jordan Aviation Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 18: Jordan Liability Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 19: Jordan Liability Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 20: Jordan Credit and Suretyship Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 21: Jordan Other Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 22: Jordan Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 23: Jordan Population in Million, 2007-2017
Figure 24: Jordan Healthcare Expenditure in USD Million, 2007-2017
Figure 25: Jordan GDP at Current Prices in USD Million, 2007-2017
Figure 26: Jordan Number of Licensed Vehicles in Million, 2007-2017
Figure 27: Gross Capital Formation from Real Estate Activities in USD Million, 2007-2017

LIST OF TABLES

Table 1: Market Share of Major Players in Jordan Life Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 2: Gross Written Premiums by Major Players in Jordan Life Insurance Market in USD Million, 2008-2012
Table 3: Market Share of Major Players in Jordan Motor Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 4: Gross Written Premiums by Major Players in Jordan Motor Insurance Market in USD Million, 2008-2012
Table 5: Market Share of Major Players in Jordan Medical Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 6: Gross Written Premiums by Major Players in Jordan Medical Insurance Market in USD Million, 2008-2012
Table 7: Market Share of Major Players in Jordan Fire and Other Damage to Property Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 8: Gross Written Premiums by Major Players in Jordan Fire and Other Damage to Property Insurance Market in USD Million, 2008-2012
Table 9: Market Share of Major Players in Jordan Marine and Transport Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 10: Gross Written Premiums by Major Players in Jordan Marine and Transport Insurance Market in USD Million, 2008-2012
Table 11: Market Share of Major Players in Jordan Liability Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 12: Gross Written Premiums by Major Players in Jordan Liability Insurance Market in USD Million, 2008-2012
Table 13: Market Share of Major Players in Jordan Other Insurances Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 14: Gross Written Premiums by Major Players in Jordan Other Insurances Market in USD Million, 2008-2012
Table 15: Competitive Landscape of Major Players in Jordan Insurance Market
Table 16: Market Share of Major Players in Jordan Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 17: Gross Premiums Underwritten by Major Players in Jordan Insurance Market in USD Million, 2007-2011
Table 18: Net Profit before Tax of Major Players in Jordan Insurance Market in USD Million, 2007-2011
Table 19: Correlation Matrix for Jordan Motor Insurance Market
Table 20: Regression Coefficients Output

Companies Mentioned

Arab Orient Insurance, Jordan Insurance, Holy Land Insurance, Jordan Emirates Insurance, Arab Union International Insurance, American Life Insurance, Al Nisr Insurance, Middle East Insurance, Arab Life and Accident Insurance, Islamic Insurance, Arab Germa

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