In Jordan, the Property Insurance market is experiencing steady growth and development, driven by various factors shaping the industry landscape. Customer preferences in the Jordanian Property Insurance market are influenced by a growing awareness of the importance of protecting assets against risks such as natural disasters, theft, and damage. Customers are increasingly seeking comprehensive coverage that not only safeguards their properties but also provides additional benefits and services. This shift towards more holistic insurance solutions is driving insurers to innovate and offer tailored products to meet the evolving needs of customers. Trends in the market show a notable increase in demand for property insurance in Jordan. This can be attributed to the country's expanding real estate sector, with more residential and commercial properties being developed. As the construction industry flourishes, property owners are recognizing the need for insurance to mitigate potential financial losses. Moreover, regulatory changes and government initiatives promoting insurance coverage are also contributing to the market's growth. Local special circumstances in Jordan, such as its geographical location in a seismically active region, play a significant role in driving the Property Insurance market. The country is prone to earthquakes, which increases the risk of property damage. This unique risk factor underscores the importance of property insurance for individuals and businesses in Jordan. Insurers are responding to this specific need by offering specialized products that provide coverage against earthquake-related risks. Underlying macroeconomic factors, including economic stability and regulatory reforms, are supporting the growth of the Property Insurance market in Jordan. A stable economy and favorable regulatory environment create a conducive atmosphere for insurance companies to operate and expand their market presence. As the government continues to focus on enhancing the insurance sector's regulatory framework and promoting financial stability, the Property Insurance market is poised for further development in the coming years.
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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