Life Insurance in Israel, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
5 Analysis by Distribution Channel
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Israeli Life Insurance Segment
6.2.1 Migdal Insurance Company Ltd - company overview
6.2.2 Harel Insurance Company Ltd - company overview
6.2.3 Clal Insurance Enterprises Holdings Ltd - company overview
6.2.4 The Phoenix Insurance Company Ltd - company overview
6.2.5 Menorah Mivtachim Insurance Ltd - company overview
6.2.6 Hachshara Insurance Company Ltd - company overview
6.2.7 Ayalon Insurance Company Ltd - company overview
6.2.8 IDI Insurance Company Ltd - company overview
6.2.9 Psagot Insurance Company (PI) Ltd - company overview
6.2.10 AIG Israel Insurance Company Ltd - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Workers' compensation insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Capital Markets, Insurance and Savings Division
7.5.3 Israel Insurance Association (RA)
7.5.4 The Association of Life Insurance Companies of Israel Ltd
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer
List of Tables
Table 1: Israeli Life Insurance Segment - Key Facts, 2014
Table 2: Israeli Life Insurance - Segment Shares of the Leading Insurers (%), 2014
Table 3: Israeli Government Credit Ratings, 2014
Table 4: Israeli Life Insurance - Segment Shares (%), 2014
Table 5: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2010-2014
Table 6: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2014-2019
Table 7: Israeli Life Insurance - Paid Claims (ILS Billion), 2010-2014
Table 8: Israeli Life Insurance - Paid Claims (ILS Billion), 2014-2019
Table 9: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2010-2014
Table 10: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2014-2019
Table 11: Israeli Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 12: Israeli Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 13: Israeli Life Insurance - Total Assets (ILS Billion), 2010-2014
Table 14: Israeli Life Insurance - Total Assets (ILS Billion), 2014-2019
Table 15: Israeli Life Insurance - Total Investment Income (ILS Billion), 2010-2014
Table 16: Israeli Life Insurance - Total Investment Income (ILS Billion), 2014-2019
Table 17: Israeli Life Insurance - Net Written Premium (ILS Billion), 2010-2014
Table 18: Israeli Life Insurance - Net Written Premium (ILS Billion), 2014-2019
Table 19: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2010-2014
Table 20: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2014-2019
Table 21: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2010-2014
Table 22: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2014-2019
Table 23: Israeli Life Insurance Companies - Number of Agents and Agencies, 2014
Table 24: Israeli Life Insurance - Segment Shares (%), 2014
Table 25: Migdal Insurance Company Ltd - Key Facts
Table 26: Migdal Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 27: Harel Insurance Company Ltd - Key Facts
Table 28: Harel Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 29: Clal Insurance Enterprises Holdings Ltd - Key Facts
Table 30: Clal Insurance Enterprises Holdings Ltd - Key Financials (ILS Billion), 2009-2013
Table 31: The Phoenix Insurance Company Ltd - Key Facts
Table 32: The Phoenix Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 33: Menorah Mivtachim Insurance Ltd - Key Facts
Table 34: Menorah Mivtachim Insurance Ltd - Key Financials (ILS Billion), 2009-2013
Table 35: Hachshara Insurance Company Ltd - Key Facts
Table 36: Ayalon Insurance Company Ltd - Key Facts
Table 37: Ayalon Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 38: IDI Insurance Company Ltd - Key Facts
Table 39: IDI Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 40: Psagot Insurance Company (PI) Ltd - Key Facts
Table 41: AIG Israel Insurance Company Ltd - Key Facts
Table 42: AIG Israel Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 43: Israel - Insurance Regulatory Framework Key Features
Table 44: Israel - Life Insurance Regulatory Framework
Table 45: Israel - Property Insurance Regulatory Framework
Table 46: Israel - Motor Insurance Regulatory Framework
Table 47: Israel - Liability Insurance Regulatory Framework
Table 48: Israel - Corporate Tax Rates for the Financial Year 2015
Table 49: Insurance Industry Definitions
List of Figures
Figure 1: Israeli Real GDP (ILS Trillion), 2010-2019
Figure 2: ILS - US$ Exchange Rate, 2010-2019
Figure 3: Israeli Consumer Price Inflation (%), 2010-2019
Figure 4: Israeli Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Israeli Unemployment Rate (%), 2010-2019
Figure 6: Israeli Population by Age Group (Million), 2010-2014
Figure 7: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2010-2014
Figure 8: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2014-2019
Figure 9: Israeli Life Insurance - Paid Claims (ILS Billion), 2010-2014
Figure 10: Israeli Life Insurance - Paid Claims (ILS Billion), 2014-2019
Figure 11: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2010-2014
Figure 12: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2014-2019
Figure 13: Israeli Life Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 14: Israeli Life Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 15: Israeli Life Insurance - Total Assets (ILS Billion), 2010-2014
Figure 16: Israeli Life Insurance - Total Assets (ILS Billion), 2014-2019
Figure 17: Israeli Life Insurance - Total Investment Income (ILS Billion), 2010-2014
Figure 18: Israeli Life Insurance - Total Investment Income (ILS Billion), 2014-2019
Figure 19: Israeli Life Insurance - Net Written Premium (ILS Billion), 2010-2014
Figure 20: Israeli Life Insurance - Net Written Premium (ILS Billion), 2014-2019
Figure 21: Israeli Life Insurance - Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 22: Israeli Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 23: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2010-2014
Figure 24: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2014-2019
Figure 25: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2010-2014
Figure 26: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2014-2019
Figure 27: Israeli Life Insurance - Segment Shares (%), 2014
Figure 28: Israel - Insurance Supervision and Control at Various Levels
Figure 29: Israel - Insurance Regulatory Frameworks for Company Registration and Operation
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