Magazine Table of Contents
Jordan’s insurance sector is navigating through a challenging stretch at present – coping with the twin realities of the COVID-19 pandemic and the imminent switch of regulator to the central bank. Jordan Ministry of Industry, Trade and Supply’s Ms Naljan Hakuz provides us with some unique insights on what the future of insurance regulation in Jordan might look like.
The Jordan Insurance Federation (JIF) is going all out to help insurers overcome the economic hardship the pandemic has created. Moreover, the sector is heading on with preparations for major developments in the coming phase, including the transfer of the regulatory tasks to the Central Bank of Jordan. JIF chairman Majed Smairat and director general Maher Al-Hussein share their views on the developments the sector has witnessed in the past year and the federation’s future plans.
The COVID-19 pandemic is accelerating change across the Jordanian healthcare ecosystem and challenging health insurers to pivot, adapt, and innovate in order to stay resilient and relevant to thrive through the crisis.
Non-life insurer Arab Orient Insurance Company has consistently maintained its lead in the Jordanian insurance sector, with a market share of about 14%. Its CEO Dr Ali Al-Wazani tells us how the company performed in 2020.
The reinsurance market in Jordan is not large by global standards but it is watched closely by the major players. We asked some leading global reinsurers to share their insights on the growth prospects for the Jordanian sector and how they expected pricing to hold up this year.
The Islamic Insurance Company general manager Reda Dahbour believes that the prospects of the takaful sector are positive as he expects more growth in the next few years as people become more aware of the takaful mechanism and takaful operators reinforce their credibility.