The Insurance Industry in Palestine, Key Trends and Opportunities to 2021

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Published: October 13, 2017 Report Code: GD-IS1590MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'The Insurance Industry in Palestine, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Palestinian insurance industry.

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 Palestinian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’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.

Scope

This report provides a comprehensive analysis of the insurance industry in Palestine:

• It provides historical values for the Palestinian insurance industry 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 segments in the Palestinian insurance industry, along with market forecasts until 2021.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It analyzes the various distribution channels in Palestine.

• It profiles the top insurance companies in Palestine and outlines the key regulations affecting them.

Key Highlights

• The Palestinian National Security Committee introduced a social security scheme in October 2015 to cover all private sector employees. This will cover survivor’s pension, maternity and employment injury benefits, old age and disability benefits and funeral grants.

• In February 2016, the Palestinian Monetary Authority (PMA), introduced credit life insurance as a regulatory requirement for taking into account actual risk and liability of credit providers associated with credit agreements.

• According to the United Nations Conference on Trade and Development (UNCTAD), the total foreign direct investment (FDI) inflow in Palestine rose from ILS225.2 million (US$58.4 million) in 2012 to ILS1.0 billion (US$268.9 million) in 2016 at a CAGR of 46%.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Palestinian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Palestinian insurance industry.

• Assess the competitive dynamics in the Palestinian insurance industry.

• Identify the growth opportunities and market dynamics in key segments.

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

Trust International Insurance
National Insurance
Global United Insurance
American Life Insurance-Alico
Al-Takaful Insurance
Palestine Insurance
Al-Mashreq Insurance
Palestine-Mortgage and Housing

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Claims

4.1.3 Assets and investments

5 Non-Life Insurance Outlook

5.1 Property Insurance

5.1.1 Gross written premium

5.1.2 Claims

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Gross written premium

5.2.2 Claims

5.2.3 Profitability

5.3 Liability Insurance

5.3.1 Gross written premium

5.3.2 Claims

5.3.3 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Gross written premium

5.4.2 Claims

5.4.3 Profitability

6 Personal Accident and Health Insurance Outlook

6.1 Health Insurance

6.1.1 Gross written premium

6.1.2 Claims

6.1.3 Profitability

6.2 Premium Ceded

7 Distribution Channel Outlook

8 Natural and Man-Made Hazards

8.1 Flooding

8.2 Winter Storms

8.3 Man-Made Hazard

8.4 Exposure

9 Competitive Landscape

9.1 Company Profiles

9.1.1 Trust International Insurance – company overview

9.1.2 National Insurance Company – company overview

9.1.3 Global United Insurance – company overview

9.1.4 Al-Takaful Insurance – company overview

9.1.5 Al-Mashreq Insurance – company overview

10 Governance, Risk and Compliance

10.1 Legislation Overview and Historical Evolution

10.2 Latest Changes in Regulation

10.3 Legislation and Market Practice by Type of Insurance

10.3.1 Life insurance

10.3.2 Property insurance

10.3.3 Motor insurance

10.3.4 Liability insurance

10.3.5 Marine, aviation and transit insurance

10.3.6 Personal accident and health insurance

10.4 Compulsory Insurance

10.4.1 Motor third party liability insurance

10.4.2 Workers’ compensation insurance

10.5 Supervision and Control

10.5.1 International Association of Insurance Supervisors

10.5.2 Palestine Capital Market Authority (PCMA)

10.5.3 Palestinian Insurance Federation (PIF)

10.6 Non-Admitted Insurance Regulation

10.6.1 Overview

10.6.2 Intermediaries

10.6.3 Market practices

10.6.4 Fines and Penalties

10.7 Company Registration and Operations

10.7.1 Type of insurance organization

10.7.2 Establishing a local company

10.7.3 Foreign ownership

10.7.4 Types of license

10.7.5 Capital requirements

10.7.6 Solvency margin

10.7.7 Reserve requirements

10.7.8 Investment regulations

10.7.9 Statutory return requirements

10.7.10 Fee structure

10.8 Taxation

10.8.1 Insurance premium or policy taxation

10.8.2 Withholding taxes on premium paid overseas

10.8.3 Corporate tax

10.8.4 VAT

10.8.5 Captives

10.9 Legal System

10.9.1 Introduction

10.9.2 Access to court

10.9.3 Alternative dispute resolution (ADR)

11 Databook

11.1 Life Insurance

11.1.1 Policies and premium

11.1.2 Claims and expenses

11.1.3 Assets and investments

11.2 Non-Life Insurance

11.2.1 Policies and premium

11.2.2 Claims and expenses

11.2.3 Assets and investments

11.2.4 Property insurance

11.2.5 Property insurance by category

11.2.6 Motor insurance

11.2.7 Liability insurance

11.2.8 Marine, aviation and transit insurance

11.3 Personal Accident and Health Insurance

11.3.1 Policies and premium

11.3.2 Claims and expenses

11.3.3 Assets and investments

12 Definitions and Methodology

12.1 Definitions

12.2 Methodology

13 About GlobalData

13.1 Contact GlobalData

13.2 About GlobalData

13.3 GlobalData’s Services

13.4 Disclaimer

Table

Table 1: Palestinian Insurance Industry – Key Facts, 2016

Table 2: Palestinian Insurance Industry – Top Insurers, 2016

Table 3: Palestinian Insurance Industry – Gross Written Premium by Segment (ILS Million), 2012–2016

Table 4: Palestinian Insurance Industry – Gross Written Premium by Segment (ILS Million), 2016–2021

Table 5: Palestinian Insurance Industry – Paid Claims by Segment(ILS Million), 2012–2016

Table 6: Palestinian Insurance Industry – Paid Claims by Segment(ILS Million), 2016–2021

Table 7: Palestinian Insurance Industry – Total Assets by Segment (ILS Million), 2012–2016

Table 8: Palestinian Insurance Industry – Total Assets by Segment (ILS Million), 2016–2021

Table 9: Palestinian Property Insurance – Gross Written Premium (ILS Million and US$ Million), 2012–2016

Table 10: Palestinian Property Insurance – Gross Written Premium (ILS Million and US$ Million), 2016–2021

Table 11: Palestinian Property Insurance – Paid Claims (ILS Million and US$ Million), 2012–2016

Table 12: Palestinian Property Insurance – Paid Claims (ILS Million and US$ Million), 2016–2021

Table 13: Palestinian Property Insurance – Loss Ratio (%), 2012–2016

Table 14: Palestinian Property Insurance – Loss Ratio(%), 2016–2021

Table 15: Palestinian Motor Insurance – Gross Written Premium (ILS Million and US$ Million), 2012–2016

Table 16: Palestinian Motor Insurance – Gross Written Premium (ILS Million and US$ Million), 2016–2021

Table 17: Palestinian Motor Insurance – Paid Claims (ILS Million and US$ Million), 2012–2016

Table 18: Palestinian Motor Insurance – Paid Claims (ILS Million and US$ Million), 2016–2021

Table 19: Palestinian Motor Insurance – Loss Ratio (%), 2012–2016

Table 20: Palestinian Motor Insurance – Loss Ratio(%), 2016–2021

Table 21: Palestinian Liability Insurance – Gross Written Premium (ILS Million and US$ Million), 2012–2016

Table 22: Palestinian Liability Insurance – Gross Written Premium (ILS Million and US$ Million), 2016–2021

Table 23: Palestinian Liability Insurance – Paid Claims (ILS Million and US$ Million), 2012–2016

Table 24: Palestinian Liability Insurance – Paid Claims (ILS Million and US$ Million), 2016–2021

Table 25: Palestinian Liability Insurance – Loss Ratio (%), 2012–2016

Table 26: Palestinian Liability Insurance – Loss Ratio(%), 2016–2021

Table 27: Palestinian Marine, Aviation and Transit Insurance – Gross Written Premium (ILS Million and US$ Million), 2012–2016

Table 28: Palestinian Marine, Aviation and Transit Insurance – Gross Written Premium (ILS Million and US$ Million), 2016–2021

Table 29: Palestinian Marine, Aviation and Transit Insurance – Paid Claims (ILS Million and US$ Million), 2012–2016

Table 30: Palestinian Marine, Aviation and Transit Insurance – Paid Claims (ILS Million and US$ Million), 2016–2021

Table 31: Palestinian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 32: Palestinian Marine, Aviation and Transit Insurance – Loss Ratio(%), 2016–2021

Table 33: Palestinian Health Insurance – Gross Written Premium (ILS Million and US$ Million), 2012–2016

Table 34: Palestinian Health Insurance – Gross Written Premium (ILS Million and US$ Million), 2016–2021

Table 35: Palestinian Health Insurance – Paid Claims (ILS Million and US$ Million), 2012–2016

Table 36: Palestinian Health Insurance – Paid Claims (ILS Million and US$ Million), 2016–2021

Table 37: Palestinian Health Insurance – Loss Ratio (%), 2012–2016

Table 38: Palestinian Health Insurance – Loss Ratio(%), 2016–2021

Table 39: Palestinian Reinsurance – Premium Ceded by Insurance Segment (ILS Million), 2012–2016

Table 40: Palestinian Reinsurance – Premium Ceded by Insurance Segment (ILS Million), 2016–2021

Table 41: Palestinian Insurance Industry – Agents and Producers, March 2016–2017

Table 42: Palestinian Insurance Industry – Branches, March 2016–2017

Table 43: Palestinian Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2016

Table 44: Palestinian Life Insurance – Market Shares of Leading Insurers (%), 2016

Table 45: Palestinian Insurance – Market Shares of the Leading Health Insurers (%), 2016

Table 46: Trust International Insurance – Key Facts

Table 47: National Insurance Company – Key Facts

Table 48 Global United Insurance – Key Facts

Table 49: Al-Takaful Palestinian Insurance – Key Facts

Table 50: Al-Mashreq Insurance – Key Facts

Table 51: Palestine – Insurance Regulatory Framework Key Features

Table 52: Palestine – Life Insurance Regulatory Framework

Table 53: Palestine – Property Insurance Regulatory Framework

Table 54: Palestine – Motor Insurance Regulatory Framework

Table 55: Palestine – Liability Insurance Regulatory Framework

Table 56: Palestine – Minimum Tariff for Mechanical Vehicle Insurance

Table 57: Palestine – Minimum Tariff for Workmen’s Compensation Insurance

Table 58: Palestine – Deposit Requirements

Table 59: Palestine – Corporate Tax Rates for the Financial Year 2016

Table 60: Palestinian Life Insurance – Policies and Premium, 2012–2016

Table 61: Palestinian Life Insurance – Policies and Premium, 2016–2021

Table 62: Palestinian Life Insurance – Claims and Expenses, 2012–2016

Table 63: Palestinian Life Insurance – Claims and Expenses, 2016–2021

Table 64: Palestinian Life Insurance – Assets and Investments, 2012–2016

Table 65: Palestinian Life Insurance – Assets and Investments, 2016–2021

Table 66: Palestinian Non-Life Insurance – Policies and Premium, 2012–2016

Table 67: Palestinian Non-Life Insurance – Policies and Premium, 2016–2021

Table 68: Palestinian Non-Life Insurance – Claims and Expenses, 2012–2016

Table 69: Palestinian Non-Life Insurance – Claims and Expenses, 2016–2021

Table 70: Palestinian Non-Life Insurance – Assets and Investments, 2012–2016

Table 71: Palestinian Non-Life Insurance – Assets and Investments, 2016–2021

Table 72: Palestinian Non-Life Insurance – Property Insurance, 2012–2016

Table 73: Palestinian Non-Life Insurance – Property Insurance, 2016–2021

Table 74: Palestinian Non-Life Insurance – Property Insurance by Category, 2012–2016

Table 75: Palestinian Non-Life Insurance – Property Insurance by Category, 2016–2021

Table 76: Palestinian Non-Life Insurance – Motor Insurance, 2012–2016

Table 77: Palestinian Non-Life Insurance – Motor Insurance, 2016–2021

Table 78: Palestinian Non-Life Insurance – Liability Insurance, 2012–2016

Table 79: Palestinian Non-Life Insurance – Liability Insurance, 2016–2021

Table 80: Palestinian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 81: Palestinian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 82: Palestinian Health Insurance – Policies and Premium, 2012–2016

Table 83: Palestinian Health Insurance – Policies and Premium, 2016–2021

Table 84: Palestinian Health Insurance – Claims and Expenses, 2012–2016

Table 85: Palestinian Health Insurance – Claims and Expenses, 2016–2021

Table 86: Palestinian Health Insurance – Assets and Investments, 2012–2016

Table 87: Palestinian Health Insurance – Assets and Investments, 2016–2021

Table 88: Insurance Industry Definitions

Figures

Figure 1: Palestinian Real GDP (ILS Billion), 2012–2016

Figure 2: West Bank and Gaza Strip GDP (ILS Billion), 2012–2016

Figure 3: Palestinian Current Account Balance (% of GDP), 2012–2015

Figure 4: Palestinian Inflation Rate (%), 2012–2016

Figure 5: Palestinian Unemployment Rate, 2012–2016

Figure 6: Palestinian Insurance Industry – Gross Written Premium by Segment, 2012–2021

Figure 7: Palestinian Insurance Industry – Paid Claims by Segment(ILS Billion), 2012–2021

Figure 8: Palestinian Insurance Industry – Total Assets by Segment (ILS Million), 2012–2021

Figure 9: Palestinian Property Insurance – Gross Written Premium (ILS Million), 2012–2021

Figure 10: Palestinian Property Insurance – Paid Claims (ILS Million), 2012–2021

Figure 11: Palestinian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Million and %), 2012–2021

Figure 12: Palestinian Motor Insurance – Gross Written Premium (ILS Million), 2012–2021

Figure 13: Palestinian Motor Insurance – Paid Claims (ILS Million), 2012–2021

Figure 14: Palestinian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Million and %), 2012–2021

Figure 15: Palestinian Liability Insurance – Gross Written Premium (ILS Million), 2012–2021

Figure 16: Palestinian Liability Insurance – Paid Claims (ILS Million), 2012–2021

Figure 17: Palestinian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Million and %), 2012–2021

Figure 18: Palestinian Marine, Aviation and Transit Insurance – Gross Written Premium (ILS Million), 2012–2021

Figure 19: Palestinian Marine, Aviation and Transit Insurance – Paid Claims (ILS Million), 2012–2021

Figure 20: Palestinian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Million and %), 2012–2021

Figure 21: Palestinian Health Insurance – Gross Written Premium (ILS Million), 2012–2021

Figure 22: Palestinian Health Insurance – Paid Claims (ILS Million), 2012–2021

Figure 23: Palestinian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (ILS Million and %), 2012–2021

Figure 24: Palestinian Reinsurance – Premium Ceded by Insurance Segment (ILS Million), 2012–2021

Figure 25: Palestinian Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2016

Figure 26: Palestinian Life Insurance – Market Shares of Leading Insurers (%), 2016

Figure 27: Palestinian Insurance – Market Shares of the Leading Health Insurers (%) 2016

Figure 28: Palestine – Insurance Supervision and Control at Various Levels

Figure 29: Palestine – Insurance Regulatory Frameworks for Company Registration and Operation

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