Non-Life Insurance in Israel, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 110 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Non-Life Insurance in Israel, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Israeli non-life insurance segment, and a comparison of the Israeli 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 (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, explains the various types of natural hazard and their impact on the Israeli insurance industry, 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 'Non-Life Insurance in Israel, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Israeli non-life insurance segment, including:

• The Israeli non-life segment’s detailed outlook by product category

• A comprehensive overview of the Israeli economy and demographics

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

• The various distribution channels in the Israeli non-life insurance segment

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

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

• Details of regulatory policy applicable to the Israeli insurance industry

Scope

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

• It provides historical values for the Israeli non-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 non-life insurance segment, and market forecasts to 2020.

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

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

• It analyzes various natural hazards and their impact on the Israeli insurance industry

• It profiles the top non-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 non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Israeli 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 Israeli insurance industry, and their impact on companies and the industry's future.

Key Highlights

• In March 2017, Intel acquired Mobileye, an Israeli insurtech provider, for ILS58.5 billion (US$15.0 billion).

• In 2015, Coface, a company which foresees and assesses trade risk, was granted a license from Capital Markets, Insurance and Savings Division (CMISD) to operate in Israel as a credit insurer.

• In February 2017, the Leviathan gas project, considered to be one of Israel’s largest infrastructure projects, received final approval from the Ministry.

• In January 2017, the Israeli government approved a five year plan to implement innovative solutions in Israel’s transportation sector, which is expected to value ILS27.9 billion (US$7.0 billion) by 2030.

 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 Profitability

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 Policies sold
5.2.4 Claims
5.2.5 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

7 Natural and Man-Made Hazards
7.1 Flooding
7.2 Earthquakes
7.3 Wildfires
7.4 Terrorism
7.5 Exposure

8 Competitive Landscape
8.1 Company Profiles
8.1.1 Harel Insurance Company – company overview
8.1.2 The Phoenix Insurance Company – company overview
8.1.3 Clal Insurance Enterprises Holdings Ltd – company overview
8.1.4 Menorah Mivtachim Insurance Company – company overview
8.1.5 Migdal Insurance Company – company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
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 Workers’ compensation insurance
9.4.3 National insurance system
9.4.4 Liability for ships with respect to oil pollution
9.4.5 Professional indemnity insurance for portfolio manager
9.4.6 Professional indemnity insurance for investment advisor and marketing agent
9.4.7 Health insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Capital Markets, Insurance and Savings Division
9.5.3 Israel Insurance Association
9.5.4 The Association of Life Insurance Companies of Israel Ltd
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 Type 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 margin
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

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Property Insurance
10.4 Property Insurance by Product
10.5 Motor Insurance
10.6 Motor Insurance by Product
10.7 Liability Insurance
10.8 Marine, Aviation and Transit Insurance

11 Definitions and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List of Tables

Table 1: Israeli Non-Life Insurance – Key Facts, 2015
Table 2: Israeli Non-Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Israeli Government Credit Ratings
Table 4: Israeli Non-Life Insurance – Gross Written Premium (ILS Billion and US$ Billion), 2011–2015
Table 5: Israeli Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Israeli Non-Life Insurance – Gross Written Premium (ILS Billion and US$ Billion), 2015–2020
Table 7: Israeli Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Israeli Non-Life Insurance – Premium per Capita (ILS Thousand and US$), 2011–2015
Table 9: Israeli Non-Life Insurance – Premium per Capita (ILS Thousand and US$), 2015–2020
Table 10: Israeli Non-Life Insurance – Paid Claims (ILS Billion and US$ Billion), 2011–2015
Table 11: Israeli Non-Life Insurance – Paid Claims (ILS Billion and US$ Billion), 2015–2020
Table 12: Israeli Non-Life Insurance – Loss Ratio (%), 2011–2015
Table 13: Israeli Non-Life Insurance – Loss Ratio (%), 2015–2020
Table 14: Israeli Non-Life Insurance – Direct Written Premium by Category (ILS Billion), 2011–2015
Table 15: Israeli Non-Life Insurance – Direct Written Premium by Category (ILS Billion), 2015–2020
Table 16: Israeli Property Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2011–2015
Table 17: Israeli Property Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2015–2020
Table 18: Israeli Property Insurance – Paid Claims (ILS Million and US$ Million), 2011–2015
Table 19: Israeli Property Insurance – Paid Claims (ILS Million and US$ Million), 2015–2020
Table 20: Israeli Property Insurance – Loss Ratio (%), 2011–2015
Table 21: Israeli Property Insurance – Loss Ratio (%), 2015–2020
Table 22: Israeli Motor Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2011–2015
Table 23: Israeli Motor Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2015–2020
Table 24: Israeli Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 25: Israeli Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 26: Israeli Motor Insurance – Paid Claims (ILS Billion and US$ Million), 2011–2015
Table 27: Israeli Motor Insurance – Paid Claims (ILS Billion and US$ Million), 2015–2020
Table 28: Israeli Motor Insurance – Loss Ratio (%), 2011–2015
Table 29: Israeli Motor Insurance – Loss Ratio (%), 2015–2020
Table 30: Israeli Liability Insurance – Direct Written Premium (ILS Billion and US$ Million), 2011–2015
Table 31: Israeli Liability Insurance – Direct Written Premium (ILS Billion and US$ Million), 2015–2020
Table 32: Israeli Liability Insurance – Paid Claims (ILS Billion and US$ Million), 2011–2015
Table 33: Israeli Liability Insurance – Paid Claims (ILS Billion and US$ Million), 2015–2020
Table 34: Israeli Liability Insurance – Loss Ratio (%), 2011–2015
Table 35: Israeli Liability Insurance – Loss Ratio (%), 2015–2020
Table 36: Israeli Transport Network – Global Rankings
Table 37: Israeli Marine, Aviation and Transit Insurance – Direct Written Premium (ILS Million and US$ Million), 2011–2015
Table 38: Israeli Marine, Aviation and Transit Insurance – Direct Written Premium (ILS Million and US$ Million), 2015–2020
Table 39: Israeli Marine, Aviation and Transit Insurance – Paid Claims (ILS Million and US$ Million), 2011–2015
Table 40: Israeli Marine, Aviation and Transit Insurance – Paid Claims (ILS Million and US$ Million), 2015–2020
Table 41: Israeli Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 42: Israeli Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 43: Israeli Non-Life Segment Distribution Channel – Number of Licensed Agents and Agencies of Top Five Insurers, 2015
Table 44: Israeli Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Table 45: Harel Insurance Company – Key Facts
Table 46: The Phoenix Insurance Company – Key Facts
Table 47: Clal Insurance Enterprises Holdings Ltd – Key Facts
Table 48: Menorah Mivtachim Insurance Company – Key Facts
Table 49: Migdal Insurance Company – Key Facts
Table 50: Israel – Insurance Regulatory Framework Key Features
Table 51: Israel – Life Insurance Regulatory Framework
Table 52: Israel – Property Insurance Regulatory Framework
Table 53: Israel – Motor Insurance Regulatory Framework
Table 54: Israel – Liability Insurance Regulatory Framework
Table 55: Israel – Corporate Tax Rates for the Financial Year 2016
Table 56: Israeli Insurance Industry – Policies and Premium, 2011–2015
Table 57: Israeli Insurance Industry – Policies and Premium, 2015–2020
Table 58: Israeli Non-Life Insurance – Claims and Expenses, 2011–2015
Table 59: Israeli Non-Life Insurance – Claims and Expenses, 2015–2020
Table 60: Israeli Non-Life Insurance – Property Insurance, 2011–2015
Table 61: Israeli Non-Life Insurance – Property Insurance, 2015–2020
Table 62: Israeli Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 63: Israeli Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 64: Israeli Non-Life Insurance – Motor Insurance, 2011–2015
Table 65: Israeli Non-Life Insurance – Motor Insurance, 2015–2020
Table 66: Israeli Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 67: Israeli Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 68: Israeli Non-Life Insurance – Liability Insurance, 2011–2015
Table 69: Israeli Non-Life Insurance – Liability Insurance, 2015–2020
Table 70: Israeli Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 71: Israeli Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 72: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Israeli Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Israeli Non-Life Insurance – Gross Written Premium (ILS Billion), 2011–2020
Figure 10: Israeli Non-Life Insurance – Penetration (%), 2011–2020
Figure 11: Israeli Non-Life Insurance – Premium per Capita (ILS), 2011–2020
Figure 12: Israeli Non-Life Insurance – Paid Claims (ILS Billion), 2011–2020
Figure 13: Israeli Non-Life Insurance – Loss Ratio (%), 2011–2020
Figure 14: Israeli Non-Life Insurance – Direct Written Premium by Category (ILS Billion), 2011–2020
Figure 15: Israeli Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 16: Israeli Property Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2011–2020
Figure 17: Israeli Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 18: Israeli Property Insurance – Paid Claims (ILS Million), 2011–2020
Figure 19: Israeli Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Billion and %), 2011–2020
Figure 20: Israeli Motor Insurance – Direct Written Premium by Sub-Category (ILS Billion), 2011–2020
Figure 21: Israeli Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 22: Israeli Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 23: Israeli Motor Insurance – Paid Claims (ILS Billion), 2011–2020
Figure 24: Israeli Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Billion and %), 2011–2020
Figure 25: Israeli Liability Insurance – Direct Written Premium (ILS Billion), 2011–2020
Figure 26: Israeli Liability Insurance – Paid Claims (ILS Billion), 2011–2020
Figure 27: Israeli Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Billion and %), 2011–2020
Figure 28: Israeli Marine, Aviation and Transit Insurance – Direct Written Premium (ILS Million), 2011–2020
Figure 29: Israeli Marine, Aviation and Transit Insurance – Paid Claims (ILS Million), 2011–2020
Figure 30: Israeli Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Billion and %), 2011–2020
Figure 31: Israeli Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 32: Israel – Insurance Supervision and Control at Various Levels
Figure 33: Israel – Insurance Regulatory Frameworks for Company Registration and Operation