The insurance sector in Jordan has seen notable progress since the Central Bank of Jordan (CBJ) took over supervision of the sector in 2021, said the chairman of the Jordan Insurance Federation (JIF) Majed Smairat at the opening of the AqabaConf 2025 yesterday in Aqaba, Jordan.
Mr Smairat said, “We in the federation work in a real and effective partnership with the bank in line with to well-studied plans and a clear roadmap that will lead the sector to best practices, improve its services, and enhance its financial solvency within an advanced regulatory and supervisory environment.”
He added that the reforms that the CBJ launched have begun to bear fruit. “The first of these is addressing the mandatory motor insurance issue and issuing a package of legislation implemented since the beginning of 2025 that carries a vision of reform and achieves justice for all parties.”
In addition, he said, the imminent issuance of a new insurance law that is currently in legislative stages. Preparations are also being made to establish a special fund to compensate policyholders in the event of the bankruptcy or liquidation of insurers.
Mr Smairat praised the CBJ’s efforts to strengthen the financial solvency of insurers and increase their capital to enable them to confront major risks and increase their ability to retain more business and promptly pay claims. He also commended the Bank’s efforts in launching a financial and insurance inclusion strategy that will contribute to increasing the sector's contribution to the GDP.
AqabaConf 2025 Research Award
As part of AqabaConf’s continuous efforts to support research and development in the insurance industry, this year’s conference saw the launch of the 4th edition of the Aqaba Insurance Research Award. The topic selected was "The Impact of Emerging Technology Risks on the Performance of Insurance Companies".
The award attracted 68 entries from nine regional and international markets, “A record number compared to previous editions,” said Mr Smairat.
“These papers will serve as a nucleus for insurance companies, research departments, supervisory and regulatory bodies in Arab insurance markets, and decision-making bodies, allowing them to draw on and benefit from the ideas, proposals, and recommendations therein.”
The top award winner this year is Mr Sharif Ridwan from Egypt, followed by Ms Maryam Hanna from Jordan in second place. Mr Abdulla Qonswa from Egypt came third, while Mrs Fatima Hamshari from Saudi Arabia ranked fourth. The fifth place went to Mr Kareem Awad, also from Egypt.
AqabaConf 2025, which has the theme 'Bridging the Insurance Future with Technology', has attracted over 1,300 delegates from 33 countries. The AqabaConf series was launched in 2008 as a biennial event attracting guests from various regional and international markets.
AqabaConf 2025 is organised by JIF with the support of GAIF and Middle East Insurance Review as a media partner. Delegates comprise representatives from various financial and economic sectors along with regulatory and public-sector officials.