Non-life insurances - Jordan

Jordan

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$1,632.00m 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$143.40 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 1.95% between 2024 and 2028.
This growth trajectory is expected to result in a market volume of US$1,763.00m by 2028.
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$3,371.0bn 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.

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Analyst Opinion

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.

Methodology

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.