Total premiums written in the life insurance sector in Jordan amounted to JOD86.3m ($122m), an increase of 8% compared to JOD79.8m in 2017, data released by the Ministry of Industry, Trade and Supply show.
The pace of growth was slower in 2018 compared to 2017 when the life market expanded by 13.1%.
Individual life business accounted for 49.6% of life premiums while 50.4% were derived from group insurance. In comparison, the proportion of premiums written for individual life insurance in 2017 compared to group insurance was 45% to 55% respectively.
New business in 2018 accounted for 26% of the total premiums.
Life insurance business accounted for 14.2% of the total premiums written in the kingdom in 2018. The proportion was 13.4% of total written premiums in 2017.
The data show that the life insurance market is concentrated, with three companies accounting for 73% of the market.