News Middle East25 Jun 2020

Jordan:Life & health business helps cushion insurance sector in 1Q

25 Jun 2020

Most classes of insurance in Jordan showed a decline in premiums in the domestic market in the first quarter of this year, compared to the corresponding quarter last year.

However, overall, the domestic market posted a dip of 1.3% to JOD176.3m ($248.6m) in 1Q2020, according to preliminary data released by the Jordan Insurance Federation.

The reason that the insurance industry posted only a dip despite the economic difficulties arising from the COVID-19 pandemic is largely due to growth in life and health classes.

The following table summarises the performance of the various classes of insurance business in 1Q2020, according to contribution to total premiums:       

Class

1Q2020 Premiums

JOD '000

1Q2019 Premiums

JOD '000

Change

1Q2020

Share of

total GWP

Health

72,053

68,702

4.88%

40.8%

Motor

48,025

54,782

-12.33%

27.3%

Life

26,225

24,904

5.43%

14.9%

Fire

20,298

18,462

4.29%

11.5%

General Accidents

4,988

5,869

-15.02%

2.8%

Marine and aviation

4,497

4,730

-4.92%

2.6%

Credit

154

226

-31.69%

0.1%

Total

176,270

178,675

-1.35%

100.0%

 

In 1Q2020, medical insurance business contributed the largest share of business with around 41% of total premiums, followed by motor 27% and life 15%. Fire accounted for 11%.

 


 

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