Jordan: Technical gains fell, but net profit rose in 2016
Source: Middle East Insurance Review | Sep 2017
The Jordanian insurance industry posted total technical profits of JOD30.5 million (US$43 million) compared to JOD34 million last year. The decline of around 10% in technical gains was due mainly to medical insurance where underwriting profits fell from JOD8 million in 2015 to JOD0.8 million in 2016.
However, the sector’s net profit before tax for 2016 was JOD35.1 million, 16% higher than the JOD30.2 million for the year 2015. Investment gains amounted to JOD13.8 million last year compared to profits of JOD7.4 million in 2015.
GWP in 2016 amounted to JOD582.9 million, an increase of 5.9% over the previous year, according to a report by the Ministry of Industry, Trade and Supply on insurance business results.
Total life premiums contributed 12% of the gross premiums while non-life premiums accounted for the remaining 88%. Motor insurance and medical insurance accounted for 42% and 29% of the total market share, respectively.
The insurance sector consisted of 24 insurance companies licensed to operate in Jordan at the end of 2016. M
JOD1 = US$1.41