The Jordanian insurance market posted higher technical profits for the first half of this year compared to the corresponding half last year despite a dip in written premiums.
Interim financial results released by the Jordan Insurance Federation for 23 insurance companies show that total technical profits increased to JOD13.5m ($19m) for 1H2019, 48% more compared to JOD9.1m for 1H2018.
Written premiums declined by 2.2% to JOD316.8m in 1H2019 compared to JOD323.9m in the corresponding half last year.
Premiums generated by the general insurance segment during the first half of this year reached JOD271m, a decrease of 2% compared with the same period last year, while life insurance premiums stood at JOD45.5m, a decrease of 2.8%.
The total compensation paid by the insurance market increased by 2.7% year on year to JOD240.3m in the first half of this year, due to the higher compensation paid in a number of branches, especially the marine branch.