Life Insurance in Jordan, Key Trends and Opportunities to 2021

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 GlobalData

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

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

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