Euro Arab Insurance Group is expected to continue to expand its business, at 5%-10% per year over 2025-2027, with projected combined ratios of 97%-99% annually, S&P Global Ratings (S&P) said.
AM Best has placed under review with developing implications the Financial Strength Rating of 'B' (Fair) and the Long-Term Issuer Credit Rating of 'bb' (Fair) of Arabia Insurance Company - Jordan (AICJ).
Modern technological tools must be integrated into the insurance business in Arab markets, and operators have to exert greater efforts to deal with the challenges that emerge with the use of technology, said the General Arab Insurance Federation (GAIF) secretary-general Chakib Abouzaid.
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.
The insurance sector in Jordan has huge potential, with active regulatory reforms that will strengthen insurers' performance, especially when backed by technological developments, which will open the door for the country to become a regional hub, the governor of the Central Bank of Jordan said.
Insurance premiums paid by customers to insurance companies decreased by 17.8% to JOD256m ($361m) in the first quarter of this year, compared to JOD311m during the corresponding quarter in 2024. according to data from the Central Bank of Jordan (CBJ).
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.