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Non-Life Insurance in Jordan, Key Trends and Opportunities to 2019

Non-Life Insurance in Jordan, Key Trends and Opportunities to 2019


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Executive Summary

TimetricsNon-Life Insurance in Jordan, Key Trends and Opportunities to 2019 report provides a detailed outlook by product category for the Jordanian non-life insurance segment, and a comparison of the Jordanian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Jordanian economy and demographics, explains the various types of natural hazard and their impact on the Jordanian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetrics Non-Life Insurance in Jordan, Key Trends and Opportunities to 2019 report provides in-depth market analysis, information and insights into the Jordanian non-life insurance segment, including:

The Jordanian non-life insurance segments detailed outlook by product category

A comprehensive overview of the Jordanian economy and demographics

A comparison of the Jordanian insurance industry with regional counterparts

Detailed analysis of natural hazards and their impact on the Jordanian insurance industry

Details of the competitive landscape in the non-life insurance segment in Jordan

Details of regulatory policy applicable to the Jordanian insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Jordan:

It provides historical values for the Jordanian non-life insurance segment for the reports 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Jordanian non-life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for non-life insurance products in Jordan.

It profiles the top non-life insurance companies in Jordan, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Jordanian non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Jordanian non-life insurance segment.

Assess the competitive dynamics in the non-life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Jordanian insurance industry, and their impact on companies and the industrys future.

Key Highlights

Motor insurance was the largest category, which accounted for 66.9% of the segments gross written premium in 2014.

Cover against fire and perils and natural catastrophes exists in Jordan, but there is no agriculture insurance in the country.

Liability insurance was the smallest category in 2014, accounting for 2.1% of the segments gross written premium.

Agencies accounted for 64.8% of the total non-life segments direct written premium in 2014, while brokers accounted for the remaining 35.2%.

Jordans non-life insurance segment is fragmented, with the 10 leading insurers accounting for 63.5% of the total gross written premium in 2014, while 15 small insurers held the remaining 36.5%.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies and insurance brokers

6.1.2 Direct marketing

6.1.3 E-commerce

6.1.4 Bancassurance

7 Natural Hazards

7.1 Earthquakes

7.2 Flooding

7.3 Drought

7.4 Snowstorm

7.5 Exposure

8 Competitive Landscape

8.1 Company Rankings

8.2 Comparison of the Top Five Insurers

8.2.1 Gross written premium

8.3 Company Profiles

8.3.1 Arab Orient Insurance Company - company overview

8.3.2 Jordan Insurance Company - company overview

8.3.3 Middle East Insurance Company - company overview

8.3.4 National Insurance Company PSC - company overview

8.3.5 First Insurance Company - company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workerscompensation insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Insurance Commission

9.5.3 Jordan Insurance Federation (JIF)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetrics Services

12.4 Disclaimer

Figure 1: Jordanian Real GDP (JOD Billion), 2010-2019

Figure 2: JOD - USD Exchange Rate, 2010-2019

Figure 3: Jordanian Consumer Price Inflation, 2010-2019

Figure 4: Jordanian Current Account Balance as Percentage of GDP (%), 2010-2019

Figure 5: Jordanian Unemployment Rate, 2010-2019

Figure 6: Jordanian Population by Age Group, 1996-2025

Figure 7: Jordanian Non-Life Insurance Penetration - Regional Comparison (%), 2014

Figure 8: Jordanian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014

Figure 9: Jordanian Non-Life Insurance - Gross Written Premium (JOD Million), 2010-2019

Figure 10: Jordanian Non-Life Insurance - Penetration (%), 2010-2019

Figure 11: Jordanian Non-Life Insurance - Premium per Capita (JOD), 2010-2019

Figure 12: Jordanian Non-Life Insurance - Paid Claims (JOD Million), 2010-2019

Figure 13: Jordanian Non-Life Insurance - Profitability Ratio (%), 2010-2019

Figure 14: Jordanian Non-Life Insurance - Total Assets (JOD Million), 2010-2019

Figure 15: Jordanian Non-Life Insurance - Total Investment Income (JOD Million), 2010-2019

Figure 16: Jordanian Non-Life Insurance - Investment Portfolio (JOD Million), 2010-2019

Figure 17: Jordanian Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019

Figure 18: Jordanian Non-Life Insurance - Gross Written Premium by Category (JOD Million and USD Million), 2010-2019

Figure 19: Jordanian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 20: Jordanian Property Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2019

Figure 21: Jordanian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 22: Jordanian Property Insurance - Paid Claims (JOD Million), 2010-2019

Figure 23: Jordanian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (JOD Million and %), 2010-2019

Figure 24: Jordanian Motor Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2019

Figure 25: Jordanian Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 26: Jordanian Motor Insurance - Paid Claims (JOD Million), 2010-2019

Figure 27: Jordanian Motor Insurance- Earned Premium, Incurred Loss and Loss Ratio (JOD Million and %), 2010-2019

Figure 28: Jordanian Liability Insurance - Gross Written Premium (JOD Million), 2010-2019

Figure 29: Jordanian Liability Insurance - Paid Claims (JOD Thousands), 2010-2019

Figure 30: Jordanian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (JOD Million and %), 2010-2019

Figure 31: Jordanian Marine, Aviation and Transit Insurance - Exports, Imports and Trade Balance (JOD Billion), 2010-2014

Figure 32: Jordanian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2019

Figure 33: Jordanian Marine, Aviation and Transit Insurance - Paid Claims (JOD Thousands), 2010-2019

Figure 34: Jordanian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (JOD Million and %), 2010-2019

Figure 35: Jordanian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019

Figure 36: Jordanian Mortality (%) by Type of Natural Hazards, 1990-2014

Figure 37: Economic Losses (%) by Type of Natural Hazards, 1990-2014

Figure 38: Malaysian Non-Life Insurance - Shares of Top Insurers (%), 2014

Figure 39: Jordanian Non-Life Insurance - Top InsurersGross Written Premium Growth Relative to Segment Overall (%), 2010-2014

Figure 40: Jordan - Insurance Supervision and Control at Various Levels

Figure 41: Jordan - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Jordanian Non-Life Insurance - Key Facts, 2014

Table 2: Jordanian Non-Life Insurance - Segment Shares of the Top Insurers, 2014

Table 3: Jordanian Government Credit Ratings

Table 4: Jordanian Non-Life Insurance - Gross Written Premium (JOD Million and USD Million), 2010-2014

Table 5: Jordanian Non-Life Insurance - Penetration (%), 2010-2014

Table 6: Jordanian Non-Life Insurance - Gross Written Premium (JOD Million and USD Million), 2014-2019

Table 7: Jordanian Non-Life Insurance - Penetration (%), 2014-2019

Table 8: Jordanian Non-Life Insurance - Premium per Capita (JOD and USD), 2010-2014

Table 9: Jordanian Non-Life Insurance - Premium per Capita (JOD and USD), 2014-2019

Table 10: Jordanian Non-Life Insurance - Paid Claims (JOD Million and USD Million), 2010-2014

Table 11: Jordanian Non-Life Insurance - Paid Claims (JOD Million and USD Million), 2014-2019

Table 12: Jordanian Non-Life Insurance - Profitability Ratio (%), 2010-2014

Table 13: Jordanian Non-Life Insurance - Profitability Ratio (%), 2014-2019

Table 14: Jordanian Non-Life Insurance - Total Assets (JOD Million and USD Million), 2010-2014

Table 15: Jordanian Non-Life Insurance - Total Assets (JOD Million and USD Million), 2014-2019

Table 16: Jordanian Non-Life Insurance - Total Investment Income (JOD Million and USD Million), 2010-2014

Table 17: Jordanian Non-Life Insurance - Total Investment Income (JOD Million and USD Million), 2014-2019

Table 18: Jordanian Non-Life Insurance - Investment Portfolio (JOD Million), 2010-2014

Table 19: Jordanian Non-Life Insurance - Investment Portfolio (JOD Million), 2014-2019

Table 20: Jordanian Non-Life Insurance - Gross Written Premium by Category (JOD Million), 2010-2014

Table 21: Jordanian Non-Life Insurance - Gross Written Premium by Category (JOD Million), 2014-2019

Table 22: Jordanian Property Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2014

Table 23: Jordanian Property Insurance - Gross Written Premium by Sub-Category (JOD Million), 2014-2019

Table 24: Jordanian Property Insurance - Paid Claims (JOD Million and USD Million), 2010-2014

Table 25: Jordanian Property Insurance - Paid Claims (JOD Million and USD Million), 2014-2019

Table 26: Jordanian Property Insurance - Loss Ratio (%), 2010-2014

Table 27: Jordanian Property Insurance - Loss Ratio (%), 2014-2019

Table 28: Jordanian Motor Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2014

Table 29: Jordanian Motor Insurance - Gross Written Premium by Sub-Category (JOD Million), 2014-2019

Table 30: Jordanian Motor Insurance - Paid Claims (JOD Million and USD Million), 2010-2014

Table 31: Jordanian Motor Insurance - Paid Claims (JOD Million and USD Million), 2014-2019

Table 32: Jordanian Motor Insurance - Loss Ratio (%), 2010-2014

Table 33: Jordanian Motor Insurance - Loss Ratio (%), 2014-2019

Table 34: Jordanian Liability Insurance - Gross Written Premium (JOD Million), 2010-2014

Table 35: Jordanian Liability Insurance - Gross Written Premium (JOD Million), 2014-2019

Table 36: Jordanian Liability Insurance - Paid Claims (JOD Thousands and USD Thousands), 2010-2014

Table 37: Jordanian Liability Insurance - Paid Claims (JOD Thousands and USD Thousands), 2014-2019

Table 38: Jordanian Liability Insurance - Loss Ratio (%), 2010-2014

Table 39: Jordanian Liability Insurance - Loss Ratio (%), 2014-2019

Table 40: Jordanian Motor Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2014

Table 41: Jordanian Motor Insurance - Gross Written Premium by Sub-Category (JOD Million), 2014-2019

Table 42: Jordanian Marine, Aviation and Transit Insurance - Paid Claims (JOD Thousands and USD Thousands), 2010-2014

Table 43: Jordanian Marine, Aviation and Transit Insurance - Paid Claims (JOD Thousands and USD Thousands), 2014-2019

Table 44: Jordanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014

Table 45: Jordanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019

Table 46: Jordanian Non-Life Insurance - Direct Written Premium by Distribution Channel (JOD Million), 2010-2014

Table 47: Jordanian Non-Life Insurance - Direct Written Premium by Distribution Channel (JOD Million), 2014-2019

Table 48: Jordanian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010-2019

Table 49: Top Natural Hazards in Jordan by Number of Deaths, 1990-2014

Table 50: Jordanian Non-Life Insurance - Number of Intermediaries and Supplementary Service Providers, 2014

Table 51: Jordanian Non-Life Insurance - Shares of Top Insurers (%), 2014

Table 52: Arab Orient Insurance Company - Key Facts

Table 53: Arab Orient Insurance Company - Key Financials (JOD Million)

Table 54: Jordan Insurance Company - Key Facts

Table 55: Jordan Insurance Company - Key Financials (JOD Million)

Table 56: Middle East Insurance Company - Key Facts

Table 57: Middle East Insurance Company- Key Financials (JOD Million)

Table 58: National Insurance Company PSC - Key Facts

Table 59: National Insurance Company PSC - Key Financials (JOD Million)

Table 60: First Insurance Company - Key Facts

Table 61: First Insurance Company - Key Financials (JOD Million)

Table 62: Jordan - Insurance Regulatory Framework Key Features

Table 63: Jordan - Life Insurance Regulatory Framework

Table 64: Jordan - Property Insurance Regulatory Framework

Table 65: Jordan - Motor Insurance Regulatory Framework

Table 66: Jordan - Liability Insurance Regulatory Framework

Table 67: Jordan - Minimum Capital Requirements

Table 68: Jordan - Corporate Tax Rates for the Financial Year 2015

Table 69: Jordanian Insurance Industry - Policies and Premium, 2010-2014

Table 70: Jordanian Insurance Industry - Policies and Premium, 2014-2019

Table 71: Jordanian Non-Life Insurance - Policies and Premium, 2010-2014

Table 72: Jordanian Non-Life Insurance - Policies and Premium, 2014-2019

Table 73: Jordanian Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014

Table 74: Jordanian Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019

Table 75: Jordanian Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014

Table 76: Jordanian Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019

Table 77: Jordanian Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014

Table 78: Jordanian Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019

Table 79: Jordanian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014

Table 80: Jordanian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019

Table 81: Jordanian Non-Life Insurance - Gross Written Premium by Sub-Category (JOD Million), 2010-2014

Table 82: Jordanian Non-Life Insurance - Gross Written Premium by Sub-Category (JOD Million), 2014-2019

Table 83: Jordanian Non-Life Insurance - Direct Written Premium by Sub-Category (JOD Million), 2010-2014

Table 84: Jordanian Non-Life Insurance - Direct Written Premium by Sub-Category (JOD Million), 2014-2019

Table 85: Jordanian Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014

Table 86: Jordanian Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019

Table 87: Insurance Industry Definitions

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Arab Orient Insurance Company

Jordan Insurance Company

Middle East Insurance Company

National Insurance Company PSC

First Insurance Company Plc

United Insurance Company

Jerusalem Insurance Company

Arab Life & Accidents Insurance Company

Euro Arab Insurance Group Plc

The Mediterranean and Gulf Insurance and Reinsurance Company

Non-life insurance, Economy and demographics, Motor insurance, Motor hull insurance, Motor third-party insurance, Property insurance, Fire and allied perils insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Direct Marketing, E-commerce, Bancassurance, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization


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