Non-Life Insurance in Jordan, Key Trends and Opportunities to 2021

Published: Jan, 2018 | Pages: 104 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Jordan Key Trends and Opportunities to 2021' 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 (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the 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 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 Jordan Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Jordanian non-life insurance segment, including:

• The Jordanian non-life segment's detailed outlook by product category

• A comprehensive overview of the Jordanian economy and demographics

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

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

• 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 report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key categories in the Jordanian non-life insurance segment, and market forecasts to 2021.

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

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

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

• 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 industry's future.

key Highlights

• In October 2017, a draft law was prepared by the Central Bank of Jordan (CBJ) and the Ministry of Industry, Trade and Supply to establish a framework through which the Central Bank will supervise the insurance industry in Jordan.

• In 2016, the government of Jordan decided to exempt insurers undergoing mergers from tax.

• In February 2016, the Jordanian Cabinet assigned the regulation of the insurance industry to the CBJ. In October 2017, however, a draft law was prepared by CBJ and the Ministry of Industry, Trade and Supply to establish a framework through which Central Bank will supervise the Jordanian insurance industry.

• Motor insurance was the largest non-life category, accounting for 68.3% of the segment's direct written premium in 2016.

 Table of Contents

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 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
7 Natural and Man-Made Hazards
7.1 Flooding
7.2 Droughts
7.3 Landslides
7.4 Earthquakes
7.5 Snowstorms
7.6 Wildfires
7.7 Man-made Hazards
7.8 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Arabia Insurance Company - company overview
8.1.2 Jordan Insurance Company - company overview
8.1.3 Arab Jordanian Insurance Group - company overview
8.1.4 National Insurance Company - company overview
8.1.5 AL-Nisr Al-Arabi 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 Liability insurance for ships with respect to oil pollution
9.4.4 Aviation liability insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Insurance Directorate
9.5.3 Jordan Insurance Federation
9.6 Non-Admitted Insurance Regulation
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 (ADR)
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Property Insurance
10.4 Motor Insurance
10.5 Motor Insurance by Product
10.6 Liability Insurance
10.7 Marine, Aviation and Transit Insurance
10.8 Financial Lines
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: Jordanian Non-Life Insurance - Key Facts, 2016
Table 2: Jordanian Non-Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Jordanian Government Credit Ratings
Table 4: Jordanian Non-Life Insurance - Gross Written Premium (JOD Million and US$ Million), 2012-2016
Table 5: Jordanian Non-Life Insurance - Penetration (%), 2012-2016
Table 6: Jordanian Non-Life Insurance - Gross Written Premium (JOD Million and US$ Million), 2016-2021
Table 7: Jordanian Non-Life Insurance - Penetration (%), 2016-2021
Table 8: Jordanian Non-Life Insurance - Premium per Capita (JOD and US$), 2012-2016
Table 9: Jordanian Non-Life Insurance - Premium per Capita (JOD and US$), 2016-2021
Table 10: Jordanian Non-Life Insurance - Paid Claims (JOD Million and US$ Million), 2012-2016
Table 11: Jordanian Non-Life Insurance - Paid Claims (JOD Million and US$ Million), 2016-2021
Table 12: Jordanian Non-Life Insurance - Profitability Ratio (%), 2012-2016
Table 13: Jordanian Non-Life Insurance - Profitability Ratio (%), 2016-2021
Table 14: Jordanian Non-Life Insurance - Direct Written Premium by Category (JOD Million), 2012-2016
Table 15: Jordanian Non-Life Insurance - Direct Written Premium by Category (JOD Million), 2016-2021
Table 16: Jordanian Non-Life Insurance - Direct Written Premium by Category (JOD Million), 2012-2021
Table 17: Jordanian Property Insurance - Direct Written Premium (JOD Million and US$ Million), 2012-2016
Table 18: Jordanian Property Insurance - Direct Written Premium (JOD Million and US$ Million), 2016-2021
Table 19: Jordanian Property Insurance - Paid Claims (JOD Million and US$ Million), 2012-2016
Table 20: Jordanian Property Insurance - Paid Claims (JOD Million and US$ Million), 2016-2021
Table 21: Jordanian Property Insurance - Loss Ratio (%), 2012-2016
Table 22: Jordanian Property Insurance - Loss Ratio (%), 2016-2021
Table 23: Jordanian Motor Insurance - Direct Written Premium by Sub-Category (JOD Million), 2012-2016
Table 24: Jordanian Motor Insurance - Direct Written Premium by Sub-Category (JOD Million), 2016-2021
Table 25: Jordanian Motor Insurance - Paid Claims (JOD Million and US$ Million), 2012-2016
Table 26: Jordanian Motor Insurance - Paid Claims (JOD Million and US$ Million), 2016-2021
Table 27: Jordanian Motor Insurance - Loss Ratio (%), 2012-2016
Table 28: Jordanian Motor Insurance - Loss Ratio (%), 2016-2021
Table 29: Jordanian Liability Insurance - Direct Written Premium (JOD Million and US$ Million), 2012-2016
Table 30: Jordanian Liability Insurance - Direct Written Premium (JOD Million and US$ Million), 2016-2021
Table 31: Jordanian Liability Insurance - Paid Claims (JOD thousands and US$ thousands), 2012-2016
Table 32: Jordanian Liability Insurance - Paid Claims (JOD thousands and US$ thousands), 2016-2021
Table 33: Jordanian Liability Insurance - Loss Ratio (%), 2012-2016
Table 34: Jordanian Liability Insurance - Loss Ratio (%), 2016-2021
Table 35: Jordanian Transport Network - Global Rankings
Table 36: Jordanian Marine, Aviation and Transit Insurance - Direct Written Premium (JOD Million and US$ Million), 2012-2016
Table 37: Jordanian Marine, Aviation and Transit Insurance - Direct Written Premium (JOD Million and US$ Million), 2016-2021
Table 38: Jordanian Marine, Aviation and Transit Insurance - Paid Claims (JOD thousands and US$ thousands), 2012-2016
Table 39: Jordanian Marine, Aviation and Transit Insurance - Paid Claims (JOD thousands and US$ thousands), 2016-2021
Table 40: Jordanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 41: Jordanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 42: Jordanian Non-Life Segment - Market Shares of Leading Insurers (%), 2016
Table 43: Arabia Insurance - Key Facts
Table 44: Arabia Insurance Company - Key Financials (JOD Million), 2012-2016
Table 45: Jordan Insurance Company - Key Facts
Table 46: Jordan Insurance Company - Key Financials (JOD Million), 2012-2016
Table 47: Arab Jordanian Insurance Group - Key Facts
Table 48: Arab Jordanian Insurance Group - Key Financials (JOD Million), 2012-2016
Table 49: National Insurance Company - Key Facts
Table 50: National Insurance Company - Key Financials (JOD Million), 2012-2016
Table 51: AL-Nisr Al-Arabi Insurance Company - Key Facts
Table 52: AL-Nisr Al-Arabi Insurance Company - Key Financials (JOD Million), 2012-2016
Table 53: Jordan - Insurance Regulatory Framework Key Features
Table 54: Jordan - Life Insurance Regulatory Framework
Table 55: Jordan - Property Insurance Regulatory Framework
Table 56: Jordan - Motor Insurance Regulatory Framework
Table 57: Jordan - Liability Insurance Regulatory Framework
Table 58: Jordan - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 59: Jordan - Minimum Capital Requirements
Table 60: Jordan - Corporate Tax Rates for the Financial Year 2016
Table 61: Jordanian Insurance Industry - Policies and Premium, 2012-2016
Table 62: Jordanian Insurance Industry - Policies and Premium, 2016-2021
Table 63: Jordanian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 64: Jordanian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 65: Jordanian Non-Life Insurance - Property Insurance, 2012-2016
Table 66: Jordanian Non-Life Insurance - Property Insurance, 2016-2021
Table 67: Jordanian Non-Life Insurance - Motor Insurance, 2012-2016
Table 68: Jordanian Non-Life Insurance - Motor Insurance, 2016-2021
Table 69: Jordanian Non-Life Insurance - Motor Insurance by Product, 2012-2016
Table 70: Jordanian Non-Life Insurance - Motor Insurance by Product, 2016-2021
Table 71: Jordanian Non-Life Insurance - Liability Insurance, 2012-2016
Table 72: Jordanian Non-Life Insurance - Liability Insurance, 2016-2021
Table 73: Jordanian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 74: Jordanian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 75: Jordanian Non-Life Insurance - Financial Lines, 2012-2016
Table 76: Jordanian Non-Life Insurance - Financial Lines, 2016-2021
Table 77: Insurance Industry Definitions