The Jordan Insurance Federation (JIF) has conducted a study on the impact of the COVID-19 pandemic on the sector.
The study, entitled “The Impact of the Novel Coronavirus (COVID-19) Pandemic on the Performance of Insurance Companies Operating in Jordan from the Perspective of General Managers and Chief Executives of Jordanian Insurance Companies” polled the directors and chief executives of the 24 insurance companies operating in the Jordanian market.
The study covered four dimensions, namely: the financial, technical, technological, and human dimension, reported Al Mal.
The findings show that the pandemic affected the financial performance of insurance companies as well as their financial relationship with reinsurers in terms of prices and coverage as a result of the exposure to financial losses.
The technical dimension was negatively affected too by the pandemic, as represented by the decrease in business written.
However, there were some positive results in the technological dimension, because of increased digitisation. IT capabilities were expanded because of insurance staff working remotely, conducting business and providing the necessary services to customers online, as well as increased cyber security efforts.
The results were positive too in the human dimension because of safe distancing, healthcare procedures, and the creation of a safe working environment as much as possible.