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The Insurances market in Jordan has been experiencing steady growth and development in recent years. Customer preferences in the insurance market in Jordan are shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking out policies that offer a wide range of benefits and coverage, including health, life, and property insurance. Trends in the insurance market in Jordan indicate "include a growing emphasis on digitalization and technology integration. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative insurance products tailored to the needs of the market. Additionally, there is a noticeable trend towards more personalized insurance solutions, as companies seek to differentiate themselves in a competitive market. Local special circumstances in Jordan, such as the regulatory environment and demographic changes, are also influencing the insurance market. Regulatory reforms aimed at increasing transparency and consumer protection are shaping the way insurance products are marketed and sold in the country. Moreover, the young and tech-savvy population in Jordan is driving demand for digital insurance solutions, pushing companies to adapt to changing customer preferences. Underlying macroeconomic factors, such as economic stability and income levels, play a significant role in the development of the insurance market in Jordan. As the economy continues to grow, disposable incomes are increasing, allowing more individuals and businesses to invest in insurance products. Additionally, the stable economic environment in Jordan is fostering confidence among consumers, encouraging them to purchase insurance policies for long-term financial security.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)