The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: Despite the country's increasing security challenges, both the life and non-life insurance
markets are well placed to expand over the next few years. Insurance penetration and density rates are low,
and robust growth in GDP and household incomes should allow both sub-sectors to prosper over the
forecast period through to 2020. Investors and potential new entrants to the market will be further
encouraged by the fragmentation of the market, with 25 providers competing in the non-life segment alone.
A gradual uptick in merger and acquisition activity over recent years suggest a greater trend towards
consolidation, with the government thought to be broadly favourable of reducing the number of smaller
players in the market. However, regional and multinational insurers are likely to look for clearer signs of
stabilisation in the surrounding region before increasing their exposure to the market.
Key Updates And Forecasts:
? A lack of consolidation continues to prove a significant obstacle to the development of the insurance
sector. The non-life segment in particular remains extremely fragmented, with some 25 providers
competing. In December 2015, the CEO of the Arab Orient Insurance Company Isam Abdelkhaliq
called for the government to promote the consolidation of the industry by limiting the number of new
licenses given to companies.
? In April 2016, First Insurance completed its takeover of Yarmouk Insurance. The deal was the first
major merger within Jordan's insurance market for 25 years.