Life Insurance in Israel, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 81 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Life Insurance in Israel, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Israeli life insurance segment, and a comparison of the Israeli insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Israeli economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s 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

Timetric’s 'Life Insurance in Israel, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Israeli life insurance segment, including:

• An overview of the Israeli life insurance segment

• The Israeli life insurance segment’s growth prospects by category

• A comprehensive overview of the Israeli economy and demographics

• A comparison of the Israeli life insurance segment with its regional counterparts

• The various distribution channels in the Israeli life insurance segment

• Details of the competitive landscape in the life insurance segment in Israel

• Details of regulatory policy applicable to the Israeli insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Israel:

• It provides historical values for the Israeli life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Israeli life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Israeli life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Israel.

• It profiles the top life insurance companies in Israel 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 Israeli life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Israeli insurance industry, and their impact on companies and the industry's future.

Key Highlights

• In May 2017, IDB Development Corporation, who owns a 55.0% share in Clal Insurance Enterprises Holdings, decided to sell 5.0% of its share. 

• In March 2017, the insurtech company Atidot launched software as a service (SaaS) to utilize the data available to insurers for decision making.

• In July 4, 2016, Israel Land Development Insurance Company Ltd acquired Altshuler Shaham Insurance Company Ltd, a subsidiary of Altshuler Shaham Group.

• According to World Bank, there were 5.9 million internet users in Israel as of July 1, 2016, accounting for 72.5% of the total population.

 Table Of Content

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 Assets and investments

5 Distribution Channel Outlook

6 Competitive Landscape
6.1 Company Profiles
6.1.1 Migdal Insurance Company – company overview
6.1.2 The Phoenix Insurance Company – company overview
6.1.3 Harel Insurance Company – company overview
6.1.4 Clal Insurance Enterprises Holdings Ltd – company overview
6.1.5 Menorah Mivtachim Insurance Company – company overview

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Workers’ compensation insurance
7.4.3 National insurance system
7.4.4 Liability for ships with respect to oil pollution
7.4.5 Professional indemnity insurance for portfolio manager
7.4.6 Professional indemnity insurance for investment advisor and marketing agent
7.4.7 Health insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Capital Markets, Insurance and Savings Division
7.5.3 Israel Insurance Association
7.5.4 The Association of Life Insurance Companies of Israel Ltd
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and Penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margin
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution

8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments

9 Definitions and Methodology
9.1 Definitions
9.2 Methodology

10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer

List of Tables

Table 1: Israeli Life Insurance – Key Facts, 2015
Table 2: Israeli Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Israeli Government Credit Ratings
Table 4: Israeli Life Insurance – Gross Written Premium (ILS Billion and US$ Billion), 2011–2015
Table 5: Israeli Life Insurance – Penetration (%), 2011–2015
Table 6: Israeli Life Insurance – Gross Written Premium (ILS Billion and US$ Billion), 2015–2020
Table 7: Israeli Life Insurance – Penetration (%), 2015–2020
Table 8: Israeli Life Insurance – Premium per Capita (ILS and US$), 2011–2015
Table 9: Israeli Life Insurance – Premium per Capita (ILS and US$), 2015–2020
Table 10: Israeli Life Insurance – Paid Claims (ILS Billion and US$ Billion), 2011–2015
Table 11: Israeli Life Insurance – Paid Claims (ILS Billion and US$ Billion), 2015–2020
Table 12: Israeli Life Insurance – Total Assets (ILS Billion and US$ Billion), 2011–2015
Table 13: Israeli Life Insurance – Total Assets (ILS Billion and US$ Billion), 2015–2020
Table 14: Israeli Life Insurance – Total Investment Income (ILS Billion and US$ Billion), 2011–2015
Table 15: Israeli Life Insurance – Total Investment Income (ILS Billion and US$ Billion), 2015–2020
Table 16: Israeli Life Segment Distribution Channel – Number of Licensed Agents and Agencies of Top Five Insurers, 2015
Table 17: Israeli Life Segment – Market Shares of Leading Insurers (%), 2015
Table 18: Migdal Insurance Company – Key Facts
Table 19: The Phoenix Insurance Company – Key Facts
Table 20: Harel Insurance Company – Key Facts
Table 21: Clal Insurance Enterprises Holdings Ltd – Key Facts
Table 22: Menorah Mivtachim Insurance Company – Key Facts
Table 23: Israel – Insurance Regulatory Framework Key Features
Table 24: Israel – Life Insurance Regulatory Framework
Table 25: Israel – Property Insurance Regulatory Framework
Table 26: Israel – Motor Insurance Regulatory Framework
Table 27: Israel – Liability Insurance Regulatory Framework
Table 28: Israel – Corporate Tax Rates for the Financial Year 2016
Table 29: Israeli Life Insurance – Policies and Premium, 2011–2015
Table 30: Israeli Life Insurance – Policies and Premium, 2015–2020
Table 31: Israeli Life Insurance – Claims and Expenses, 2011–2015
Table 32: Israeli Life Insurance – Claims and Expenses, 2015–2020
Table 33: Israeli Life Insurance – Assets and Investments, 2011–2015
Table 34: Israeli Life Insurance – Assets and Investments, 2015–2020
Table 35: Insurance Industry Definitions

List of Figures

Figure 1: Israeli Real GDP (ILS Billion), 2012–2021
Figure 2: Israeli Consumer Price Inflation (%), 2012–2021
Figure 3: Israeli ILS-US$ Exchange Rate, 2011–2020
Figure 4: Israeli Current Account Balance as Percentage of GDP (%), 2012–2021
Figure 5: Israeli Unemployment Rate, 2012–2021
Figure 6: Israeli Population by Age Group, 1990–2025
Figure 7: Israeli Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Israeli Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Israeli Life Insurance – Gross Written Premium (ILS Billion), 2011–2020
Figure 10: Israeli Life Insurance – Penetration (%), 2011–2020
Figure 11: Israeli Life Insurance – Premium per Capita (ILS Thousand), 2011–2020
Figure 12: Israeli Life Insurance – Paid Claims (ILS Billion), 2011–2020
Figure 13: Israeli Life Insurance – Total Assets (ILS Billion), 2011–2020
Figure 14: Israeli Life Insurance – Total Investment Income (ILS Billion), 2011–2020
Figure 15: Israeli Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 16: Israel – Insurance Supervision and Control at Various Levels
Figure 17: Israel – Insurance Regulatory Frameworks for Company Registration and Operation