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Israel Insurance Industry Outlook to 2017 - Life Insurance to Lead the Market

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

EXECUTIVE SUMMARY

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.

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.

Table Of Contents

Israel Insurance Industry Outlook to 2017 - Life Insurance to Lead the Market
TABLE OF CONTENTS

1. Israel Insurance Market Introduction and Size by Gross Written Premiums, 2007-2012
2. Israel Insurance Market Segmentation by Life and Non-Life, 2007-2012
3. Israel Life Insurance Market
3.1. Israel Life Insurance Market Introduction and Size, 2007-2012
3.2. Market Share of Major Players in Israel Life Insurance Market, 2007-2012
3.3. Future Projections for Israel Life Insurance Market, 2013-2017
4. Israel Non-Life Insurance Market
4.1. Israel Non-Life Insurance Market Size, 2007-2012
4.2. Israel Non-Life Insurance Market Segmentation, 2007-2012
4.3. Market Share of Major Players in Israel Non-Life Insurance Market, 2007-2012
4.4. Future Projections for Israel Non-Life Insurance Market, 2013-2017
5. Israel Motor Vehicle Property Insurance Market
5.1. Israel Motor Vehicle Property Insurance Market Introduction and Size, 2007-2012
5.2. Future Projections for Israel Motor Vehicle Property Insurance Market, 2013-2017
6. Israel Motor Vehicle Compulsory Insurance Market
6.1. Israel Motor Vehicle Compulsory Insurance Market Introduction and Size, 2007-2012
6.2. Market Share of Major Players in Israel Motor Insurance Market, 2010 and 2012
6.3. Future Projections for Israel Motor Vehicle Compulsory Insurance Market, 2013-2017
7. Israel Health and Hospitalization Insurance Market
7.1. Israel Health and Hospitalization Insurance Market Introduction and Size, 2007-2012
7.2. Market Share of Major Players in Israel Health and Hospitalization Insurance Market, 2010 and 2012
7.3. Future Projections for Israel Health and Hospitalization Insurance Market, 2013-2017
8. Israel Loss of Property and Comprehensive Business Insurance Market
8.1. Israel Loss of Property and Comprehensive Business Insurance Market Introduction and Size, 2007-2012
8.2. Market Share of Major Players in Israel Loss of Property Insurance Market, 2010 and 2012
8.3. Future Projections for Israel Loss of Property and Comprehensive Business Insurance Market, 2013-2017
9. Israel Comprehensive Flats Insurance Market
9.1. Israel Comprehensive Flats Insurance Market Introduction and Size, 2007-2012
9.2. Future Projections for Israel Comprehensive Flats Insurance Market, 2013-2017
10. Israel Personal Accidents Insurance Market
10.1. Israel Personal Accidents Insurance Market Introduction and Size, 2007-2012
10.2. Market Share of Major Players in Israel Personal Accident Insurance Market, 2010 and 2012
10.3. Future Projections for Israel Personal Accidents Insurance Market, 2013-2017
11. Israel Employers Liability Insurance Market
11.1. Israel Employers Liability Insurance Market Size and Future Projections, 2007-2017
12. Israel Engineering Insurance Market
12.1. Israel Engineering Insurance Market Introduction and Size, 2007-2017
13. Israel Mortgage Banks Insurance Market
13.1. Israel Mortgage Banks Insurance Market Size and Future Projections, 2007-2017
14. Israel Marine Freight Insurance Market
14.1. Israel Marine Freight Insurance Market Introduction and Size, 2007-2012
14.2. Future Projections for Israel Marine Freight Insurance Market, 2013-2017
15. Israel Aircraft and Vessel Insurance Market
15.1. Israel Aircraft and Vessel Insurance Market Introduction and Size, 2007-2012
15.2. Future Projections for Israel Aircraft and Vessel Insurance Market, 2013-2017
16. Israel Other Liabilities and Risks Insurance Market
16.1. Israel Other Liabilities and Risks Insurance Market Introduction and Size, 2007-2017
17. Government Regulations in Israel Insurance Market
18. Israel Insurance Market Future Outlook and Projections, 2013-2017
19. Company Profiles of Major Players in Israel Insurance Market
20. Macroeconomic Factors
20.1. Population, 2007-2017
20.2. Healthcare Expenditure, 2007-2017
20.3. GDP at Current Prices, 2007-2017
20.4. Number of Motor Vehicles In-use, 2007-2017
20.5. Government Outlay on Housing and Community Amenities, 2007-2017
21. Appendix
21.1. Market Definition
21.2. Abbreviations
21.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
21.4. Disclaimer

LIST OF FIGURES

Figure 1: Israel Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 2: Israel Insurance Market Segmentation by Life and Non-Life on the basis of Gross Witten Premiums in Percentage, 2007-2012
Figure 3: Israel Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 4: Israel Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 5: Israel Non-Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 6: Israel Non-Life Insurance Market Segmentation on the basis of Gross Written Premiums in Percentage, 2007-2012
Figure 7: Israel Non-Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 8: Israel Motor Vehicle Property Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 9: Israel Motor Vehicle Property Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 10: Israel Motor Vehicle Compulsory Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 12: Israel Motor Vehicle Compulsory Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 13: Israel Health and Hospitalization Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 15: Israel Health and Hospitalization Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 16: Israel Loss of Property and Comprehensive Business Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 18: Israel Loss of Property and Comprehensive Business Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 19: Israel Comprehensive Flats Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 20: Israel Comprehensive Flats Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 21: Israel Personal Accidents Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 23: Israel Personal Accidents Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 24: Israel Employers Liability Insurance Market Size and Future Projections on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 25: Israel Engineering Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 26: Israel Mortgage Banks Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 27: Israel Marine Freight Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 28: Israel Marine Freight Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 29: Israel Aircraft and Vessel Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 30: Israel Aircraft and Vessel Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 31: Israel Other Liabilities and Risks Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 32: Israel Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 33: Israel Population in Million, 2007-2017
Figure 34: Israel Healthcare Expenditure in USD Million, 2007-2017
Figure 35: Israel GDP at Current Prices in USD Million, 2007-2017
Figure 36: Israel Number of Motor Vehicles In-use in Million, 2007-2017
Figure 37: Government Outlay on Housing and Community Amenities in USD Million, 2007-2017

LIST OF TABLES

Table 1: Market Share of Major Players in Israel Life Insurance Market on the Basis of Gross Written Premiums in Percentage, 2007-2012
Table 2: Gross Written Premiums by Major Players in Israel Life Insurance Market in USD Million, 2007-2012
Table 3: Market Share of Major Players in Israel Non-Life Insurance Market on the Basis of Gross Written Premiums in Percentage, 2007-2012
Table 4: Gross Written Premiums by Major Players in Israel Non-Life Insurance Market in USD Million, 2007-2012
Table 5: Market Share of Major Players in Israel Motor Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012
Table 6: Gross Written Premiums by Major Players in Israel Motor Insurance Market in USD Million, 2010 and 2012
Table 7: Market Share of Major Players in Israel Health and Hospitalization Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012
Table 8: Gross Written Premiums by Major Players in Israel Health and Hospitalization Insurance Market in USD Million, 2010 and 2012
Table 9: Market Share of Major Players in Israel Loss of Property Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012
Table 10: Gross Written Premiums by Major Players in Israel Loss of Property Insurance Market in USD Million, 2010 and 2012
Table 11: Market Share of Major Players in Israel Personal Accident Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012
Table 12: Gross Written Premiums by Major Players in Israel Personal Accident Insurance Market in USD Million, 2010 and 2012
Table 13: Competitive Landscape of Major Players in Israel Insurance Market
Table 14: Gross Premiums Underwritten by Major Players in Israel Insurance Market in USD Million, 2008-2012
Table 15: Profit (Loss) Before Tax of the Major Players in Israel Insurance Market in USD Million, 2008-2012
Table 16: Correlation Matrix for Motor Vehicle Property Insurance Market
Table 17: Regression Coefficients Output

Companies Mentioned

Clal, Harel, Migdal, Phoenix, Menora Mivtachim, Dykla, I.L.D, Ayalon, Eliahu, I.D.I, A.I.G, Shirbit

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