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.
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