Life insurance - Israel | Statista Market Forecast

The Life insurance market market in Israel is expected to reach a market size (gross written premium) of US$12.38bn in 2024.
The average spending per capita in the Life insurance market market will amount to US$1.33k in 2024.
With an annual growth rate (CAGR 2024-2029) of 2.80%, the gross written premium is projected to result in a market volume of US$14.22bn by 2029.
In global comparison, the United States will generate the highest gross written premium, amounting to US$1.3tn in 2024.
Israel's life insurance market is experiencing a surge in demand due to the country's strong cultural emphasis on family and financial security.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.