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Oct 2020

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Jordan: Premiums down 2.8% to $505m in Jan-Jul 2020

Source: Middle East Insurance Review | Oct 2020

The premium income of 24 insurers in Jordan reached JOD358.3m ($505.4m) in the first seven months of 2020, a 2.8% fall compared to the corresponding period in 2019.
 
However, claim payouts for January-July 2020 plunged by 20% to JOD221.6m against JOD276.8m.
 
GWP in the non-life segment, which accounted for 85% of market premiums, fell by 4.3% to JOD304.5m in the first seven months of the year, while life premiums grew by 6.7% to JOD53.9m.
 
Fire and liability were the only non-life lines of business which grew in the first seven months. Fire premiums reached JOD40m, registering a 7.6% increase over the corresponding period in 2019, while liability insurance premiums reached JOD4.2m, showing a growth of 1.4%.
 
Motor and medical insurance contributed the highest premiums to the non-life market. Motor premiums decreased by 9.8% to JOD122.8m while medical declined by 1.6% to JOD120.9m. 
 
The top five insurers in Jordan in terms of GWP in January-July 2020 are: gig Jordan (JOD52.6m); Jordan Insurance (JOD34.7m); Solidarity First Insurance (JOD25.8m); Middle East Insurance (JOD24.4m); and Al-Nisr Al Arabi (JOD22.1m). They collectively produced almost 50% of the market GWP. 
 
The unaudited data, which were released by the Jordan Insurance Federation (JIF), also revealed that takaful operators’ contributions grew by 1.6% to JOD42.7m (accounting for 11.7% of the market’s GWP) in the first seven months of this year against JOD42m generated in the corresponding period of 2019. Paid claims for takaful operators dropped by 17.7% to JOD24.9m in January-July 2020. M 
 
JOD1 = $1.41 
 
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