Jordan's insurance industry in 2018: ranking of companies and turnover per class of business
Jordan's insurance market features
- Regulatory authority: Ministry of Industry, Trade and Supplies, insurance department
- Life and non life premiums (2018) : 854 million USD
- Insurance density (2018) : 82.87 USD
- Insurance penetration rate (2018) : 2.02%
Jordan's insurance market structure in 2018
Market players | Total |
---|---|
Insurance companies | 24 |
Insurance agents | 645 |
Insurance brokers | 191 |
Reinsurance brokers | 28 |
Loss adjusters | 74 |
Actuaires | 17 |
Insurance consultants | 39 |
Bank insurers | 14 |
Identity
- Area: 88 794 Km2
- Population (2018): 10 310 000 habitants
- GDP (2018): 42 277 million USD
- DDP per capita (2018): 4 100 USD
- GDP growth rate (2018): 3.7%
- Inflation rate (2018): 4.5%
- Major economic sectors: Extraction and mining (phosphate), textile industry, oil, tourism
Major cities (1)
(per number of inhabitants in 2015)
- Amman (Capital) : 4 007 526
- Irbid : 1 770 158
- Zarqa : 1 364 878
(1) Source : population.data
Jordan's insurance industry : Evolution of life and non life insurance premiums (2014-2018)
Figures in USD
2014 | 2015 | 2016 | 2017 | 2018 | |
---|---|---|---|---|---|
Non life | 664 733 030 | 689 477 587 | 720 579 488 | 723 344 505 | 733 040 540 |
Life | 74 680 775 | 85 770 957 | 99 269 117 | 112 292 574 | 121 421 394 |
Total | 739 413 805 | 775 248 544 | 819 848 605 | 835 637 079 | 854 461 934 |
Jordan's insurance industry : Turnover per company (2017-2018)
Turnover 2018 | Turnover 2017 | 2017-2018 Evolution(1) | 2018 shares | |||
---|---|---|---|---|---|---|
In JOD | In USD | In JOD | In USD | |||
Arab Orient Insurance | 85 232 935 | 120 215 941 | 95 427 353 | 134 221 435 | -10.70% | 14.10% |
Jordan Insurance | 60 013 704 | 84 645 730 | 63 710 319 | 89 610 475 | -5.80% | 9.90% |
Al Nisr Al Arabi Insurance | 43 013 186 | 60 667 519 | 34 640 623 | 48 723 075 | 24.20% | 7.10% |
First Insurance | 42 115 802 | 59 401 812 | 39 635 402 | 55 748 382 | 6.30% | 7.00% |
Middle East Insurance | 40 679 648 | 57 376 203 | 41 178 514 | 57 918 815 | -1.20% | 6.70% |
MetLife Alico | 30 736 707 | 43 352 281 | 24 943 916 | 35 084 366 | 23.20% | 5.10% |
Euro Arab Insurance Group | 28 610 731 | 40 353 719 | 22 760 233 | 32 012 951 | 25.70% | 4.70% |
Jordan French Insurance | 27 138 322 | 38 276 974 | 26 728 765 | 37 594 810 | 1.50% | 4.50% |
Islamic Insurance | 24 611 242 | 34 712 680 | 23 475 644 | 33 019 198 | 4.80% | 4.10% |
United Insurance | 24 079 066 | 33 962 078 | 21 688 674 | 30 505 771 | 11.00% | 4.00% |
Arabia Insurance-Jordan | 23 070 306 | 32 539 282 | 21 303 538 | 29 964 065 | 8.30% | 3.80% |
National Insurance | 21 244 563 | 29 964 181 | 21 074 037 | 29 641 265 | 0.80% | 3.50% |
Jerusalem Insurance | 19 098 682 | 26 937 545 | 18 485 713 | 26 000 710 | 3.30% | 3.20% |
Med Gulf Insurance | 18 760 114 | 26 460 016 | 18 556 975 | 26 100 942 | 1.10% | 3.10% |
Arab Jordanian Insurance Group | 17 031 676 | 24 022 157 | 14 523 847 | 20 428 227 | 17.30% | 2.80% |
Arab Life and Accident Ins. | 16 982 138 | 23 952 286 | 17 557 841 | 24 695 630 | -3.30% | 2.80% |
Arab Assurers | 15 923 305 | 22 458 866 | 12 791 614 | 17 991 789 | 24.50% | 2.60% |
Delta Insurance | 15 106 924 | 21 307 409 | 12 878 066 | 18 113 386 | 17.30% | 2.50% |
Jordan International Ins. | 14 042 580 | 19 806 217 | 19 166 143 | 26 957 755 | -26.70% | 2.30% |
Holy Land Insurance | 8 629 350 | 12 171 180 | 10 099 540 | 14 205 306 | -14.60% | 1.40% |
Arab Union International | 8 477 522 | 11 957 037 | 7 502 852 | 10 552 986 | 13.00% | 1.40% |
Al-Manara Insurance | 8 332 999 | 11 753 195 | 9 799 865 | 13 783 804 | -15.00% | 1.40% |
Philadelphia Insurance | 7 289 136 | 10 280 889 | 8 512 240 | 11 972 721 | -14.40% | 1.20% |
Safwa Insurance | 5 591 686 | 7 886 737 | 7 670 803 | 10 789 215 | -27.10% | 0.90% |
Grand total | 605 812 324 | 854 461 934 | 594 112 517 | 835 637 079 | 2.00% | 100% |
(1) Growth rate in local currency
Jordan's insurance industry : Turnover per class of business and per company in 2018
Figures in thousands USDMarine (1) | Motor | Fire | Health | Other risks (2) | Life | Total | |
---|---|---|---|---|---|---|---|
Arab Orient Ins. | 1 588 | 28 039 | 11 112 | 71 954 | 7 523 | - | 120 216 |
Jordan Insurance | 2 399 | 20 802 | 19 086 | 13 717 | 857 | 27 784 | 84 646 |
Al Nisr Al Arabi Ins. | 501 | - | 3 762 | 27 682 | 1 407 | 27 315 | 60 668 |
First Insurance | 2 319 | 16 634 | 12 500 | 21 366 | 3 769 | 2 813 | 59 402 |
Middle East Ins. | 7 260 | 17 852 | 14 647 | 8 501 | 1 641 | 7 476 | 57 376 |
MetLife Alico | - | - | - | 6 873 | 3 209 | 33 271 | 43 352 |
Euro Arab Insurance | 2 292 | 16 952 | 2 032 | 15 412 | 956 | 2 710 | 40 354 |
Jordan French Ins. | 1 774 | 15 245 | 3 435 | 14 008 | 1 345 | 2 469 | 38 277 |
Islamic Insurance | 1 100 | 13 393 | 2 415 | 8 564 | 1 023 | 8 216 | 34 713 |
United Insurance | 551 | 15 571 | 3 457 | 13 083 | 523 | 777 | 33 962 |
Arabia Insurance Jordan | 1 026 | 17 840 | 3 201 | 6 189 | 1 333 | 2 951 | 32 539 |
National Insurance | 792 | 16 659 | 3 785 | 7 747 | 266 | 715 | 29 964 |
Jerusalem | 1 331 | 16 137 | 3 811 | 4 515 | 456 | 686 | 26 938 |
Med Gulf | 667 | 14 510 | 3 878 | 7 135 | 270 | - | 26 460 |
Arab Jordanian | 511 | 14 191 | 1 546 | 7 253 | 294 | 227 | 24 022 |
Arab Life & Accident | 357 | 18 151 | 1 160 | 2 289 | 258 | 1 737 | 23 952 |
Arab Assurers | 132 | 18 591 | 736 | 2 690 | 311 | - | 22 459 |
Delta Insurance | 528 | 13 066 | 3 114 | 2 398 | 1 383 | 817 | 21 307 |
Jordan International Insurance | 2 556 | - | 2 893 | 12 447 | 453 | 1 457 | 19 806 |
Holy Land Ins. | 10 | 11 821 | 302 | - | 38 | - | 12 171 |
Arab Union International | 19 | 10 867 | 83 | 821 | 166 | - | 11 957 |
Al-Manara | 115 | 7 846 | 1 510 | 1 534 | 748 | - | 11 753 |
Philadelphia | 12 | 9 646 | 157 | 442 | 24 | - | 10 281 |
Safwa Insurance | 10 | 7 060 | 148 | 610 | 60 | - | 7 887 |
Total | 27 849 | 320 873 | 98 771 | 257 232 | 28 316 | 121 421 | 854 462 |
(1) Including aviation
(2) Including third party liability and credit & bond
Jordan's insurance industry : Paid claims and loss ratio per company in 2018
Paid claims | Net loss ratio | ||
---|---|---|---|
In JOD | In USD | ||
Arab Orient Ins. | 69 155 671 | 97 539 925 | 81.60% |
Jordan Insurance | 48 714 330 | 68 708 640 | 85.70% |
Al Nisr Al Arabi Ins. | 24 173 329 | 34 095 030 | 88.80% |
First Insurance | 27 105 040 | 38 230 033 | 88.10% |
Middle East Ins. | 25 598 539 | 36 105 203 | 77.10% |
MetLife Alico | 12 596 658 | 17 766 830 | 59.50% |
Euro Arab Insurance | 22 013 263 | 31 048 387 | 88.70% |
Jordan French Ins. | 25 258 728 | 35 625 920 | 81.00% |
Islamic Insurance | 18 595 111 | 26 227 288 | 83.50% |
United Insurance | 20 454 402 | 28 849 707 | 83.30% |
Arabia Insurance-Jordan | 20 072 873 | 28 311 583 | 84.20% |
National Insurance | 19 950 698 | 28 139 262 | 100.30% |
Jerusalem | 17 786 218 | 25 086 393 | 85.30% |
Med Gulf | 17 143 371 | 24 179 696 | 92.00% |
Arab Jordanian | 13 425 780 | 18 936 257 | 77.60% |
Arab Life & Accident | 17 095 685 | 24 112 438 | 96.10% |
Arab Assurers | 12 734 683 | 17 961 506 | 88.00% |
Delta Insurance | 12 199 320 | 17 206 409 | 87.70% |
Jordan International | 14 916 356 | 21 038 625 | 99.50% |
Holy Land Ins. | 9 225 923 | 13 012 611 | 80.70% |
Arab Union International | 7 529 855 | 10 620 409 | 74.40% |
Al-Manara | 9 877 377 | 13 931 448 | 100.60% |
Philadelphia | 7 161 047 | 10 100 227 | 91.60% |
Safwa Insurance | 6 003 011 | 8 466 887 | 61.30% |
Grand total | 478 787 268 | 675 300 714 | 85.20% |
Jordan's insurance industry : Turnover per class of business (2014-2018)
Figures in USD2014 | 2015 | 2016 | 2017 | 2018 | Part 2018 | |
---|---|---|---|---|---|---|
Motor | 298 924 278 | 311 789 195 | 316 695 945 | 327 677 594 | 320 872 883 | 37.50% |
Health | 199 259 936 | 218 829 990 | 241 193 279 | 237 552 413 | 257 232 311 | 30.10% |
Fire | 97 217 368 | 97 676 537 | 105 122 139 | 102 953 630 | 98 770 741 | 11.60% |
Marine (1) | 40 308 297 | 33 844 908 | 28 913 158 | 25 360 823 | 25 104 475 | 3.00% |
Other risks | 18 661 756 | 15 521 235 | 15 655 606 | 16 500 565 | 17 899 699 | 2.10% |
Third party liability | 9 378 171 | 10 438 670 | 9 364 729 | 10 147 665 | 9 158 502 | 1.10% |
Aviation | - | - | 2 195 672 | 1 560 015 | 2 744 354 | 0.30% |
Credit and surety | 983 224 | 1 377 052 | 1 438 960 | 1 591 800 | 1 257 575 | 0.10% |
Total non life | 664 733 030 | 689 477 587 | 720 579 488 | 723 344 505 | 733 040 540 | 85.80% |
Life | 74 680 775 | 85 770 957 | 99 269 117 | 112 292 574 | 121 421 394 | 14.20% |
Grand total | 739 413 805 | 775 248 544 | 819 848 605 | 835 637 079 | 854 461 934 | 100% |
(1) In 2014 and 2015, marine class of business also includes aviation
Turnover 2018 per class of business
Jordan's insurance industry : Net loss ratio per class of business in 2018
Net incurred losses | Net earned premiums | Net loss ratio | |||
---|---|---|---|---|---|
En JOD | En USD | En JOD | En USD | ||
Motor | 188 289 920 | 265 571 635 | 212 741 881 | 300 059 659 | 88.50% |
Health | 88 867 151 | 125 341 784 | 103 646 533 | 146 187 216 | 85.70% |
Fire | 1 497 497 | 2 112 130 | 4 464 035 | 6 296 254 | 33.50% |
Marine (1) | 990 547 | 1 397 107 | 3 174 380 | 4 477 273 | 31.20% |
Other risks | 1 226 310 | 1 729 637 | 4 534 955 | 6 396 282 | 27.00% |
Third party liability | 336 876 | 475 143 | 1 363 825 | 1 923 593 | 24.70% |
Aviation | 3 441 | 4 853 | 62 134 | 87 636 | 5.50% |
Credit and surety | 159 120 | 224 429 | 208 471 | 294 036 | 76.30% |
Total non life | 281 370 862 | 396 856 718 | 330 196 214 | 465 721 949 | 85.20% |
(1) Including maritime transport
Jordan's insurance industry : Net expenses management ratio per class of business in 2018
Management expenses | Net written premiums | Net management expenses ratio | |||
---|---|---|---|---|---|
En JOD | En USD | En JOD | En USD | ||
Motor | 38 138 749 | 53 792 417 | 211 353 284 | 298 101 126 | 18% |
Health | 23 316 504 | 32 886 530 | 106 223 934 | 149 822 485 | 22% |
Fire | 9 708 656 | 13 693 477 | 4 507 926 | 6 358 159 | 215.40% |
Marine (1) | 3 254 955 | 4 590 919 | 2 969 854 | 4 188 801 | 109.60% |
Other risks | 2 724 405 | 3 842 610 | 4 900 551 | 6 911 933 | 55.60% |
Third party liability | 912 219 | 1 286 630 | 1 365 452 | 1 925 888 | 66.80% |
Aviation | 90 458 | 127 586 | 64 803 | 91 401 | 139.60% |
Credit and surety | 131 349 | 185 260 | 188 744 | 266 212 | 69.60% |
Total non life | 78 277 295 | 110 405 429 | 331 574 548 | 467 666 005 | 23.60% |
(1) Including maritime transport
Jordan's insurance industry : Combined ratio per class of business in 2018
Net loss ratio | Net management expenses ratio | Net combined ratio | |
---|---|---|---|
Motor | 88.50% | 18.00% | 106.50% |
Health | 85.70% | 22.00% | 107.70% |
Fire | 33.50% | 215.40% | 248.90% |
Marine (1) | 31.20% | 109.60% | 140.80% |
Other risks | 27.00% | 55.60% | 82.60% |
Third party liability | 24.70% | 66.80% | 91.50% |
Aviation | 5.50% | 139.60% | 145.10% |
Credit and surety | 76.30% | 69.60% | 145.90% |
Non life | 85.20% | 23.60% | 108.80% |
(1) Including maritime transport
Exchange rate JOD/USD as at 31/12 | 2014 | 2015 | 2016 | 2017 | 2018 |
1.40651 | 1.4052 | 1.40641 | 1.40653 | 1.41044 |
Read also: Jordan's insurance market in 2019
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