Non-life insurances - Jordan | Statista Market Forecast

The Non-life insurance market in Jordan is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is projected to reach US$1.63bn in 2024.
This indicates a positive trend and highlights the increasing demand for insurance products in the country.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$143.10 in 2024.
This figure demonstrates the level of individual investment in insurance coverage, reflecting the importance placed on protecting assets and mitigating risks.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 1.91% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$1.79bn by 2029.
These numbers further emphasize the potential of the Non-life insurance sector in Jordan and its contribution to the overall economy.
In a global context, it is worth noting that the United States leads in terms of gross written premium generation.
In 2024, the United States is projected to generate a substantial US$2.5tn in gross written premium.
This highlights the country's robust insurance market and its position as a key player on the global stage.
Jordan's non-life insurance market is experiencing steady growth due to increased awareness and demand for coverage.

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 Jordan has been experiencing significant growth and development in recent years. Customer preferences in the Non-life 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 policies that offer a wide range of coverage for various risks, including property, health, and motor insurance. Trends in the market indicate a rising demand for innovative insurance products tailored to the specific needs of customers in Jordan. Insurers are introducing new products and services to cater to evolving customer requirements, such as digital insurance solutions and customizable policy options. Additionally, there is a growing emphasis on customer engagement and education to enhance the overall insurance experience. Local special circumstances in Jordan, such as regulatory reforms and increasing competition among insurance providers, are driving the growth of the Non-life insurance market. The government's efforts to enhance the regulatory framework and promote transparency in the insurance sector have contributed to a more favorable environment for market expansion. Moreover, the presence of a diverse range of insurance companies in Jordan has led to increased product diversity and competitive pricing for customers. Underlying macroeconomic factors, including economic stability, population growth, and infrastructure development, are also influencing the growth of the Non-life insurance market in Jordan. As the economy continues to strengthen and the population grows, there is a greater need for insurance protection against various risks and uncertainties. Additionally, ongoing infrastructure projects and urbanization trends are creating opportunities for insurers to offer specialized insurance products for construction and property development sectors.

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.