The Jordanian insurance industry posted a huge jump in net profits for 2018, when the combined profits of all insurers reached JOD18.6m ($26.2m), an increase of 548% over the JOD2.9m posted for 2017, according to Mr Majed Smairat, chairman of the Jordan Insurance Federation (JOIF).
In all, in 2018, 21 insurers achieved combined net profits of JOD22.1m while three insurance companies suffered aggregate net losses of JOD3.5m, Mr Smairat told the local media.
Written premiums increased by 2.2%, with total premiums reaching JOD606m in 2018 compared to JOD593million in 2017.
Mr Majed said that the total compensation paid by the insurance market in 2018 amounted to JOD462m, 3.7% higher than in 2017.
The top five insurance companies achieved a combined net profit after tax of JOD12.3m, constituting 66.1% of the total market net profits.
There are 24 licensed insurance companies operating in the market, 23 of which are listed on the Amman Stock Exchange. There are no reinsurance companies in Jordan.