News Middle East06 Feb 2020

Jordan:Insurance sector maintains steady performance in 2019

06 Feb 2020

The Jordanian insurance market showed growth of 1.3% in GWP for the 2019 full year with premiums reaching JOD614.5m ($867m) compared to 2018, according to unaudited preliminary data released by the Jordan Insurance Federation.

Total compensation paid by the industry increased by 1.6% to JOD473.8m in 2019, compared to the same period in 2018.

Contributions from takaful insurance, which is undertaken by two insurers, totalled JOD71m in 2019, an increase of 6% over 2018. Takaful accounted for 11.5% of the market's total written premiums for 2019. Compensation paid last year by the takaful operators amounted to JOD50m, an increase of 9.7% over 2018, accounting for 10.5% of the total compensation paid by the overall insurance market in 2019.

Top 5

The top five companies operating in Jordan in terms of written premiums in 2019 were:

Insurance company

Premiums

JOD m

Market share

Arab Orient Insurance gig

85.7

14.0%

Jordan Insurance

59.0

9.6%

Solidarity - First

46.4

7.6%

Al-Nisr Al-Arabi

44.8

7.3%

Middle East Insurance

41.2

6.7%

Total of top 5 insurers

277.1

45.2%

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