The Central Bank of Jordan (CBJ) has estimated that the increase in motor third-party liability (MTPL) insurance premiums by JOD12 ($17) for drivers who commit traffic violations would raise an additional JOD9.8m ($13.8m) in premiums for insurance companies this year.
The Council of Ministers, which is the Jordanian Cabinet, has approved the rationale for the 2025 Insurance Bill, which will regulate the insurance market and enhance the confidence of those wishing to invest in the kingdom's insurance sector, reported Jordan News Agency (Petra).
Solidarity First Insurance (Solidarity) has signed a cooperation agreement with Islamic International Arab Bank (IIAB) to issue insurance policies through online channels and through the bank's branches across Jordan.
Jordan's insurance market continued to grow in 2024 with the premium volume jumping by around 8% while paid claims increased by 6.5%, according to preliminary data released by the sector's regulator.
The Central Bank of Jordan (CBJ) issued its decision to liquidate Arab Union International Insurance company (AUII) as of 26 January 2025, according to a statement the Bank has issued earlier this week. The CBJ said that the decision aims at protecting the rights of policyholders and beneficiaries of insurance contracts.
The Central Bank of Jordan (CBJ) has completed preparing a draft insurance law, according to a statement by the regulator released last week.
The United Nations Development Programme (UNDP) in Jordan has signed a Memorandum of Understanding (MoU) with the Jordan Insurance Federation (JIF) to deliver advanced Training of Trainers (ToT) programmes on innovative insurance and risk-financing products in Jordan.
AM Best has upgraded the Financial Strength Rating (FSR) to 'A-' (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'bbb+' (Good) of Gulf Insurance Group - Jordan (GIG Jordan). The outlook of these credit ratings is 'Stable'.
The implementation of a new 2024 medical fee schedule, published on 16 November 2024, in the Official Gazette by the Ministry of Health, has been postponed to 15 June 2025.
Total insurance premiums in Jordan in the past nine months of this year amounted to JOD603m ($851m), an increase of about 4.9% compared to the corresponding period in 2023, according to statistics released by the Central Bank of Jordan.