Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

May 2022

Market Profile


Jordan

Economic recovery needed before market can grow

Jordan’s insurance market saw growth in premiums but a collapse in profits in 2021. However, further adoption of technology and a new regulator could mean a brighter future.
 

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Addressing the profitability challenge

The aggregate profits of the 18 listed Jordanian insurers shrank 31.4% y-o-y to JOD17.7m last year due to economic slowdown from the pandemic and intense competition. The dismal situation means that industry stakeholders need to develop viable solutions to the challenges facing insurers and enhance confidence in the sector.
 

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Intense competition creating barriers to profit

Jordan life insurers face a market with low disposable incomes and rising unemployment rates, both of which affect the appeal of their products. We spoke to some experts to get their thoughts about the challenges facing the industry.
 

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Fragmented market but enough reinsurance potential

By global standards, Jordan’s reinsurance market is a small one. It does not have a domestic reinsurer. Its latent potential, however, makes major global reinsurers keep up their relationships with the domestic market. Middle East Insurance Review spoke with SCOR’s Mr Walid Kassali for his views on the prospects for the reinsurance market.
 

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Focused on digital development

Jordan’s financial institutions have been progressing digital transformation at a good pace, which was only accelerated by the demands of the COVID-19 pandemic. We spoke to Solidarity First’s Mr Fadi Haji about how InsurTech development in Jordan has been progressing.
 

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Adapting to a new regulator

The Jordan Insurance Federation has been working to make sure insurers in the country are adapting well to the expectations and requirements of its new regulator, while collaborating on issues that need to be addressed, says the federation’s Mr Majed Smairat.

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