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Life Insurance in Jordan, Key Trends and Opportunities to 2021

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Date: 29-Jan-2018
No. of pages: 70
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Synopsis

Timetric's 'Life Insurance in Jordan Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Jordanian life insurance segment, and a comparison of the Jordanian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the 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 'Life Insurance in Jordan Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Jordanian life insurance segment, including:

• An overview of the Jordanian life insurance segment

• The Jordanian life insurance segment's growth prospects by category

• A comprehensive overview of the Jordanian economy and demographics

• A comparison of the Jordanian life insurance segment with its regional counterparts

• The various distribution channels in the Jordanian life insurance segment

• Details of the competitive landscape in the life insurance segment in Jordan

• Details of regulatory policy applicable to the Jordanian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Jordan:

• It provides historical values for the Jordanian life insurance segment for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key categories in the Jordanian life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Jordanian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Jordan.

• It profiles the top life 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 life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the life 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

• On February 16, Metlife Alico rebranded itself to Metlife in Jordan.

• Al-Nisr Al-Arabi Insurance has a partnership with Arab Bank for the distribution of education, retirement, term life and education plans.

• In 2015, Al-Nisr Al-Arbi Insurance sponsored and supported various activities related to sports, entertainment and music as part of its promotional strategy.

• Takaful and conventional operator First Insurance Company acquired a stake in life and non-life insurer Yarmouk Insurance Company for JOD10.6 million (US$15.0 million) in April 2015, as part of its expansion strategy in the Middle East and North Africa.

Life Insurance in Jordan, Key Trends and Opportunities to 2021

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
5 Distribution Channel Outlook
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Jordan Insurance Company - company overview
6.1.2 Al-Nisr Al-Arabi Insurance Company - company overview
6.1.3 Metlife - company overview
6.1.4 Islamic Insurance Company - company overview
6.1.5 Middle East Insurance Company - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
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
7.4.3 Liability insurance for ships with respect to oil pollution
7.4.4 Aviation liability insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Insurance Directorate
7.5.3 Jordan Insurance Federation
7.6 Non-Admitted Insurance Regulation
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 Type 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 margin
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 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer

List of Tables
Table 1: Jordanian Life Insurance - Key Facts, 2016
Table 2: Jordanian Life Insurance - Segment Shares (%) of the Top Insurers, 2016
Table 3: Jordanian Government Credit Ratings
Table 4: Jordanian Life Insurance - Gross Written Premium (JOD Million and US$ Million), 2012-2016
Table 5: Jordanian Life Insurance - Penetration (%), 2012-2016
Table 6: Jordanian Life Insurance - Gross Written Premium (JOD Million and US$ Million), 2016-2021
Table 7: Jordanian Life Insurance - Penetration (%), 2016-2021
Table 8: Jordanian Life Insurance - Premium per Capita (JOD and US$), 2012-2016
Table 9: Jordanian Life Insurance - Premium per Capita (JOD and US$), 2016-2021
Table 10: Jordanian Life Insurance - Paid Claims (JOD Million and US$ Million), 2012-2016
Table 11: Jordanian Life Insurance - Paid Claims (JOD Million and US$ Million), 2016-2021
Table 12: Jordanian Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Table 13: Jordan Insurance Company - Key Facts
Table 14: Jordan Insurance Company - Key Financials (JOD Million), 2012-2016
Table 15: Al-Nisr Al-Arabi Insurance Company - Key Facts
Table 16: Al-Nisr Al-Arabi Insurance Company - Key Financials (JOD Million), 2012-2016
Table 17: Metlife Insurance Company - Key Facts
Table 18: Metlife Insurance Company - Key Financials (JOD Million), 2012-2016
Table 19: Islamic Insurance Company - Key Facts
Table 20: Islamic Insurance Company - Key Financials (JOD Million), 2012-2016
Table 21: Middle East Insurance Company - Key Facts
Table 22: Middle East Insurance Company - Key Financials (JOD Million), 2012-2016
Table 23: Jordan - Insurance Regulatory Framework Key Features
Table 24: Jordan - Life Insurance Regulatory Framework
Table 25: Jordan - Property Insurance Regulatory Framework
Table 26: Jordan - Motor Insurance Regulatory Framework
Table 27: Jordan - Liability Insurance Regulatory Framework
Table 28: Jordan - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 29: Jordan - Minimum Capital Requirements
Table 30: Jordan - Corporate Tax Rates for the Financial Year 2016
Table 31: Jordanian Life Insurance - Policies and Premium, 2012-2016
Table 32: Jordanian Life Insurance - Policies and Premium, 2016-2021
Table 33: Jordanian Life Insurance - Claims and Expenses, 2012-2016
Table 34: Jordanian Life Insurance - Claims and Expenses, 2016-2021
Table 35: Insurance Industry Definitions

List of Figures
Figure 1: Jordanian Real GDP (JOD Billion), 2011-2020
Figure 2: Jordanian Inflation Rate, 2012-2021
Figure 3: Jordanian Current Account Balance, 2012-2016
Figure 4: Jordanian Unemployment Rate, 2012-2021
Figure 5: Jordanian Population by Age Group, 1994-2025
Figure 6: Jordanian Life Insurance Penetration - Regional Comparison (%), 2016
Figure 7: Jordanian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2016
Figure 8: Jordanian Life Insurance - Gross Written Premium (JOD Million), 2012-2021
Figure 9: Jordanian Life Insurance - Penetration (%), 2012-2021
Figure 10: Jordanian Life Insurance - Premium per Capita (JOD), 2012-2021
Figure 11: Jordanian Life Insurance - Paid Claims (JOD Million), 2012-2021
Figure 12: Jordanian Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Figure 13: Jordan - Insurance Supervision and Control at Various Levels
Figure 14: Jordan - Insurance Regulatory Frameworks for Company Registration and Operation
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