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Over the past few years, the Life insurance market in Israel has been experiencing steady growth and development. Customer preferences in the Life insurance market in Israel have been shifting towards more comprehensive and tailored insurance products that offer a wide range of coverage options to meet the diverse needs of policyholders. Customers are increasingly looking for policies that provide not only financial protection but also investment opportunities and savings benefits. Trends in the market show a growing demand for digital insurance solutions, with more insurance companies in Israel offering online platforms for purchasing policies, managing accounts, and filing claims. This trend is driven by the tech-savvy population in Israel, who prefer the convenience and accessibility of digital services. Local special circumstances in Israel, such as the high level of awareness and importance placed on financial planning and security, have contributed to the growth of the Life insurance market. The cultural emphasis on family and long-term financial stability has led to an increased uptake of life insurance policies among individuals and families in Israel. Underlying macroeconomic factors, including a stable economy, low unemployment rates, and a growing middle class, have also played a significant role in the development of the Life insurance market in Israel. As disposable incomes rise and financial literacy improves, more people in Israel are recognizing the importance of life insurance as a key component of their overall financial planning strategy.
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)