News MiddleEast22 Feb 2018

Jordan:Domestic insurance mart posts stable premium growth in 2017

22 Feb 2018

Jordan's domestic insurance market posted premiums of JOD593.7 million (US$837 million) in 2017, 2% higher than the JOD581.9 million generated in 2016, says the Jordan Insurance Federation (JOIF). In comparison, premiums grew by 5.6% in 2016 over 2015.

Total claims paid in the insurance market, in which 24 insurers operate, reached JOD449 million in 2017, which represents a 2.2% compared to 2016 with increases in claims seen in a number of branches.

The general insurance sector saw premiums of JOD514 million in 2017, which represented flat growth of 0.3% compared to 2016. The life insurance market reported premiums of around JOD80 million with a robust growth rate of 14.9%.

In more detail, the performance of the various classes of business in 2017 was as follows:

Class

 2017 Premiums  

(JOD million)

% Change over 2016  Market share %
Motor  233.7  +3.5 39.4
Medical  167.7  -2.1 28.3
Life  79.6  +14.9 13.4
Fire 74.9 - 1.7 12.6
Marine (including aviation 19.1 -13.5  3.2
Accident 17.5 + 7.8  3.0
Credit 1.1 +10.6 0.2

 

The claim payout in motor reached JOD224.4 million last year, an increase of 7.7% over 2016. Motor accounted for the largest share of 50% of total claims paid by the insurance market.

In 2017, takaful in Jordan carried out by two insurance companies achieved total contributions of JOD63 million, an increase of 3.4% over 2016. This represented 10.6% of the gross premiums written for the overall market. Claims paid by the takaful operators amounted to JOD41.8 million, an increase of 1.9% over 2016. This accounted for 9.3% of the total claims paid by the insurance market.

 

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