Palestine: Insurance sector to grow by more than 10% in 2017
Source: Middle East Insurance Review | Jan 2018
The insurance industry is forecast to generate premiums totalling US$240 million and pay out $170 million dollars in compensation last year, said Mr Anwar Al-Shanti, Chairman of the Palestinian Insurance Federation.
He said that insurers received about $215 million in premiums and paid out $200 million in 2016, reported Palestine Online.
The Palestinian market currently has nine insurers and one unlicensed company in Gaza, as well as one company which is in the process of being established.
Mr Al-Shanti said that there is no room for the entry of new insurers, given the small size of the market, and the absence of the appropriate climate and infrastructure conducive to the growth and development of the insurance sector in Palestine.
He spoke of the large gap between the Gaza Strip and the West Bank, saying that more than 90% of policyholders in the Palestinian market reside on the West Bank. M