Personal Accident and Health Insurance in Jordan, Key Trends and Opportunities to 2019

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Date: 11-Mar-2016
No. of pages: 96
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Synopsis

Timetric's 'Personal Accident and Health Insurance in Jordan, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Jordanian personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and claims during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Jordanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's ' Personal Accident and Health Insurance in Jordan, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Jordanian personal accident and health insurance segment, including:


  • The Jordanian personal accident and health insurance segment's growth prospects by insurance category

  • Key trends, drivers and challenges for the personal accident and health insurance segment

  • A comprehensive overview of the Jordanian economy and demographics

  • The various distribution channels in the Jordanian personal accident and health insurance segment

  • Details of the competitive landscape in the personal accident and health insurance segment in Jordan

  • Details of regulatory policy applicable to the Jordanian insurance industry


Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Jordan:


  • It provides historical values for the Jordanian personal accident and health insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

  • It offers a detailed analysis of the key categories in the Jordanian personal accident and health insurance segment, and market forecasts to 2019.

  • It analyzes the various distribution channels for personal accident and health insurance products in Jordan.

  • It profiles the top personal accident and health insurance companies in Jordan, and outlines the key regulations affecting them.


Reasons To Buy


  • Make strategic business decisions using in-depth historic and forecast market data related to the Jordanian personal accident and health insurance segment, and each category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Jordanian personal accident and health insurance segment.

  • Assess the competitive dynamics in the personal accident and health insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

  • Gain insights into key regulations governing the Jordanian insurance industry, and their impact on companies and the industry's future.


Key Highlights


  • The personal accident and health segment accounted for 29.7% of the overall Jordanian insurance industry's gross written premium in 2014

  • The health insurance category accounted for 91.4% of the segment's gross written premium in 2014, followed by the personal accident category with 8.6%.

  • The high number of road accidents creates demand for personal accident insurance.

  • Rising levels of private healthcare spending, coupled with Jordan's aging population and rising incomes, are likely to drive demand for health insurance over the forecast period.

  • The JOIF's 2014 figures show the presence of 584 insurance agents and 149 brokers.

Personal Accident and Health Insurance in Jordan, Key Trends and Opportunities to 2019

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 Economy and Demographics

5 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance

6 Analysis by Distribution Channel

7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Jordanian Personal Accident and Health Insurance Segment
7.2.1 Arab Orient Insurance Company - company overview
7.2.2 Al-Nisr Al-Arabi Insurance Company - company overview
7.2.3 Jordan French Insurance Company Plc - company overview
7.2.4 First Insurance Company - company overview
7.2.5 Jordan Insurance Company - company overview
7.2.6 Jordan International Insurance Company - company overview
7.2.7 The Mediterranean and Gulf Insurance and Reinsurance Company - company overview
7.2.8 Middle East Insurance Company - company overview
7.2.9 Islamic Insurance Company - company overview
7.2.10 Euro Arab Insurance Group Plc - company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Insurance Commission
8.5.3 Jordan Insurance Federation (JIF)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)

9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables

Table 1: Jordanian Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Jordanian Government Credit Ratings
Table 4: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (JOD Million), 2010-2014
Table 5: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (JOD Million), 2014-2019
Table 7: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (JOD Million), 2010-2014
Table 9: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 10: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (JOD Million), 2014-2019
Table 11: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 12: Jordanian Personal Accident and Health Insurance - Net Earned Premium (JOD Million), 2010-2014
Table 13: Jordanian Personal Accident and Health Insurance - Net Earned Premium (JOD Million), 2014-2019
Table 14: Jordanian Personal Accident and Health Insurance - Paid Claims by Category (JOD Million), 2010-2014
Table 15: Jordanian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2010-2014
Table 16: Jordanian Personal Accident and Health Insurance - Paid Claims by Category (JOD Million), 2014-2019
Table 17: Jordanian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2014-2019
Table 18: Jordanian Personal Accident and Health Insurance - Incurred Loss by Category (JOD Million), 2010-2014
Table 19: Jordanian Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2010-2014
Table 20: Jordanian Personal Accident and Health Insurance - Incurred Loss by Category (JOD Million), 2014-2019
Table 21: Jordanian Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2014-2019
Table 22: Jordanian Personal Accident and Health Insurance - Net Written Premium by Category (JOD Million), 2010-2014
Table 23: Jordanian Personal Accident and Health Insurance - Net Written Premium by Category (US$ Million), 2010-2014
Table 24: Jordanian Personal Accident and Health Insurance - Net Written Premium by Category (JOD Million), 2014-2019
Table 25: Jordanian Personal Accident and Health Insurance - Net Written Premium by Category (US$ Million), 2014-2019
Table 26: Jordanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 27: Jordanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 28: Jordanian Personal Accident and Health Insurance - Commission and Expenses (JOD Million), 2010-2014
Table 29: Jordanian Personal Accident and Health Insurance - Commission and Expenses (JOD Million), 2014-2019
Table 30: Jordanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 31: Jordanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 32: Jordanian Personal Accident and Health Insurance - Total Assets (JOD Million), 2010-2014
Table 33: Jordanian Personal Accident and Health Insurance - Total Assets (JOD Million), 2014-2019
Table 34: Jordanian Personal Accident and Health Insurance - Total Investment Income (JOD Million), 2010-2014
Table 35: Jordanian Personal Accident and Health Insurance - Total Investment Income (JOD Million), 2014-2019
Table 36: Jordanian Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 37: Jordanian Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 38: Jordanian Personal Accident Insurance - Direct Written Premium (JOD Million), 2010-2014
Table 39: Jordanian Personal Accident Insurance - Direct Written Premium (JOD Million), 2014-2019
Table 40: Jordanian Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 41: Jordanian Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 42: Jordanian Health Insurance - Direct Written Premium (JOD Million), 2010-2014
Table 43: Jordanian Health Insurance - Direct Written Premium (JOD Million), 2014-2019
Table 44: Jordanian Health Insurance - Loss Ratio (%), 2010-2014
Table 45: Jordanian Health Insurance - Loss Ratio (%), 2014-2019
Table 46: Jordanian Personal Accident and Health Insurance - Segment Shares (%), 2014
Table 47: Arab Orient Insurance Company - Key Facts
Table 48: Arab Orient Insurance Company - Key Financials (JOD Million)
Table 49: Al-Nisr Al-Arabi Insurance Company - Key Facts
Table 50: Al-Nisr Al-Arabi Insurance Company - Key Financials (JOD Million)
Table 51: Jordan French Insurance Company Plc - Key Facts
Table 52: Jordan French Insurance Company Plc - Key Financials (JOD Million)
Table 53: First Insurance Company - Key Facts
Table 54: First Insurance Company - Key Financials (JOD Million)
Table 55: Jordan Insurance Company - Key Facts
Table 56: Jordan Insurance Company - Key Financials (JOD Million)
Table 57: Jordan International Insurance Company - Key Facts
Table 58: Jordan International Insurance Company - Key Financials (JOD Million)
Table 59: The Mediterranean and Gulf Insurance and Reinsurance Company - Key Facts
Table 60: The Mediterranean and Gulf Insurance and Reinsurance Company - Key Financials (JOD Million)
Table 61: Middle East Insurance Company - Key Facts
Table 62: Middle East Insurance Company- Key Financials (JOD Million)
Table 63: Islamic Insurance Company - Key Facts
Table 64: Islamic Insurance Company - Key Financials (JOD Million)
Table 65: Euro Arab Insurance Group Plc - Key Facts
Table 66: Euro Arab Insurance Group Plc - Key Financials (JOD Million)
Table 67: Jordan - Insurance Regulatory Framework Key Features
Table 68: Jordan - Life Insurance Regulatory Framework
Table 69: Jordan - Property Insurance Regulatory Framework
Table 70: Jordan - Motor Insurance Regulatory Framework
Table 71: Jordan - Liability Insurance Regulatory Framework
Table 72: Jordan - Minimum Capital Requirements
Table 73: Jordan - Corporate Tax Rates for the Financial Year 2015

List of Figures

Figure 1: Jordanian Real GDP (JOD Billion), 2010-2019
Figure 2: JOD - US$ Exchange Rate, 2010-2019
Figure 3: Jordanian Consumer Price Inflation, 2010-2019
Figure 4: Jordanian Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Jordanian Unemployment Rate, 2010-2019
Figure 6: Jordanian Population by Age Group, 1996-2025
Figure 7: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (JOD Million), 2010-2019
Figure 8: Jordanian Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: Jordanian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 10: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (JOD Million), 2010-2019
Figure 11: Jordanian Personal Accident and Health Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 12: Jordanian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 13: Jordanian Personal Accident and Health Insurance - Net Earned Premium (JOD Million), 2010-2014
Figure 14: Jordanian Personal Accident and Health Insurance - Net Earned Premium (JOD Million), 2014-2019
Figure 15: Jordanian Personal Accident and Health Insurance - Paid Claims by Category (JOD Million), 2010-2019
Figure 16: Jordanian Personal Accident and Health Insurance - Incurred Loss by Category (JOD Million), 2010-2019
Figure 17: Jordanian Personal Accident and Health Insurance - Net Written Premium by Category (JOD Million), 2010-2019
Figure 18: Jordanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 19: Jordanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 20: Jordanian Personal Accident and Health Insurance - Commission and Expenses (JOD Million), 2010-2014
Figure 21: Jordanian Personal Accident and Health Insurance - Commission and Expenses (JOD Million), 2014-2019
Figure 22: Jordanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 23: Jordanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 24: Jordanian Personal Accident and Health Insurance - Total Assets (JOD Million), 2010-2014
Figure 25: Jordanian Personal Accident and Health Insurance - Total Assets (JOD Million), 2014-2019
Figure 26: Jordanian Personal Accident and Health Insurance - Total Investment Income (JOD Million), 2010-2014
Figure 27: Jordanian Personal Accident and Health Insurance - Total Investment Income (JOD Million), 2014-2019
Figure 28: Jordanian Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 29: Jordanian Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 30: Jordanian Personal Accident and Health Insurance - Investment Portfolio (JOD Million), 2010-2014
Figure 31: Jordanian Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 32: Jordanian Personal Accident and Health Insurance Penetration (%), 2010-2014
Figure 33: Jordanian Personal Accident and Health Insurance - Direct Premium per Capita (JOD), 2010-2014
Figure 34: Jordanian Personal Accident Insurance - Direct Written Premium (JOD Million), 2010-2014
Figure 35: Jordanian Personal Accident Insurance - Direct Written Premium (JOD Million), 2014-2019
Figure 36: Jordanian Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 37: Jordanian Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 38: Jordanian Health Insurance - Direct Written Premium (JOD Million), 2010-2019
Figure 39: Jordanian Health Insurance - Direct Written Premium (JOD Million), 2014-2019
Figure 40: Jordanian Health Insurance - Loss Ratio (%), 2010-2014
Figure 41: Jordanian Health Insurance - Loss Ratio (%), 2014-2019
Figure 42: Jordanian Personal Accident and Health Insurance - Segment Shares (%), 2014
Figure 43: Jordan - Insurance Supervision and Control at Various Levels
Figure 44: Jordan - Insurance Regulatory Frameworks for Company Registration and Operation

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