Marine insurance premiums in the Jordanian market witnessed a noticeable decline in 2019, compared to 2018.
Official data issued by the Jordan Insurance Federation revealed a decrease in marine insurance premiums of approximately JOD1.9m ($2.7m) to JOD17.8m in 2019 from JOD19.7m in 2018, a decrease of 9.8%, according to a report by Al Mal.
On the other hand, the claims paid in 2019 reached JOD7.7m, or JOD2.3m or 43% higher than the JOD5.4m claims paid in 2018.
In the overall insurance market, the 24 insurance companies operating in it increased written premiums to JOD614.5m in 2019, compared to JOD606.6m at in 2018, an increase of 1.3%.
The total compensation paid in the Jordanian insurance market reached JOD473.8m in 2019, compared to JOD466.3m in the previous year, an increase of 1.6%.