Non-life insurances - Israel | Statista Market Forecast

The Non-life insurances market market in Israel is projected to reach a market size (gross written premium) of US$10.29bn in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to US$1.10k in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.31%, resulting in a market volume of US$12.70bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium, reaching US$2.5tn in 2024.
The non-life insurance market in Israel is experiencing significant growth due to increasing awareness about the importance of insurance coverage among the population.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Israel has been experiencing significant growth and development in recent years. Customer preferences in the Israeli non-life insurance market are shifting towards more comprehensive coverage options that provide a wider range of protection against various risks. Customers are increasingly looking for customizable insurance plans that cater to their specific needs and offer added value in terms of services and benefits. One of the key trends in the Israeli non-life insurance market is the increasing adoption of digital technologies and online platforms for purchasing insurance policies. Insurers are leveraging digital channels to reach a wider customer base and provide a seamless and convenient experience for policyholders. This trend is driven by the growing tech-savvy population in Israel, who prefer to research, compare, and buy insurance products online. Local special circumstances in Israel, such as the geopolitical situation and security concerns, play a significant role in shaping the non-life insurance market. The country's unique security challenges have led to the development of specialized insurance products that offer protection against political risks, terrorism, and other security-related incidents. This has created a niche market within the non-life insurance sector, catering to the specific needs of businesses and individuals operating in Israel. Underlying macroeconomic factors, such as the overall economic stability and growth in Israel, have also contributed to the development of the non-life insurance market. A robust economy and increasing disposable income levels have led to higher demand for insurance products across various sectors, including property, health, and liability insurance. As the economy continues to grow, the non-life insurance market is expected to expand further, driven by the need for risk mitigation and financial protection among businesses and individuals in Israel.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.