News Middle East14 Mar 2019

Palestine:Listed insurers' combined profits fall by 36% in 2018

| 14 Mar 2019

The combined after-tax profit of insurance companies listed in Palestine stood at $16.39m, a 35.5% plunge from $25.38m in 2017, based on preliminary financial statements filed by the companies.

The number of listed insurers is seven in total, reported Aliqtisadi.

The reasons for the huge profit slide last year were the deteriorating economic situation in general and exchange rate fluctuations. In particular, the lack of development of the economy led to most businesses failing to make profits in the investment sector, said Mr Anwar Al-Shanti, chairman of the Palestinian Insurance Federation (PIF) in an interview with the newspaper Al-Hayat al-Jadida.

Mr Al-Shanti said that 2019 would be economically difficult in light of the current financial situation of the Palestinian National Authority, in addition to the decline and cessation of Arab and international support, which has fallen by more than 70%. Many people are also reluctant to buy insurance, including compulsory insurance. Many projects are not new. “This will reduce employment, income and premiums for insurance companies, so I expect that we are going through a difficult year in all sectors, including the insurance sector,” he said.

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