Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Palestine, including:
The Palestinian insurance industrys growth prospects by insurance segment and category
The competitive landscape in the Palestinian insurance industry
The current trends and drivers of the Palestinian insurance industry
Challenges facing the Palestinian insurance industry
Detailed regulatory framework of the Palestinian insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Palestine:
It provides historical values for the Palestinian insurance industry for the reports 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Palestinian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Palestine, and outlines the key regulations affecting them.
Summary
The Palestinian insurance industry is small, untapped and in a period of growth. Until 2004, the entire insurance industry was highly disorganized due to the absence of an insurance law. However, the situation ended later that year with the establishment of the Palestine Capital Market Authority (PCMA) as the insurance regulator. With the enactment of the Insurance Law 2005, the number of licensed insurance companies operating in the country reached 10 as of 2013.
Reasons To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Palestinian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Palestinian insurance industry.
Assess the competitive dynamics in the Palestinian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Palestinian insurance industry and its impact on companies and the industrys future.
Key highlights
In terms of gross written premium, the Palestinian insurance industry grew at a review period CAGR of 8.7%.
The Palestinian insurance industry is small, untapped and in a period of growth. Until 2004, the entire insurance industry was highly disorganized due to the absence of an insurance law.
The National Security Committee is planning to roll out social security schemes to provide cover to all private sector employees by 2015.
The Palestinian insurance industry is dominated by the non-life segment.
The life segment is highly concentrated, with the top two companies accounting for 80.2% of the total gross written premium in 2013.
Unemployment in Palestine is a major ongoing issue for the development of the countrys insurance industry.
Table Of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Palestinian Insurance Industry Overview
3.1 Palestinian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor liability insurance
5.3.2 Workers compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 Palestine Capital Market Authority (PCMA)
5.4.3 Palestinian Insurance Federation (PIF)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Trust International Insurance - company overview
6.2.2 National Insurance Company - company overview
6.2.3 Global United Insurance - company overview
6.2.4 Al-Takaful Palestinian Insurance - company overview
6.2.5 Al-Mashreq Insurance - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 Unemployment Rate (% of Total Labor Force)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetrics Services
8.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Palestinian Insurance - Overall Written Premium by Segment (ILS Million), 2009-2013
Table 3: Palestinian Insurance - Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Palestinian Insurance - Overall Written Premium by Segment (ILS Million), 2013-2018
Table 5: Palestinian Insurance - Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Palestinian Insurance Segmentation (% Share), 2009-2018
Table 7: Palestinian Life Insurance - Written Premium (ILS Million), 2009-2013
Table 8: Palestinian Life Insurance - Written Premium (ILS Million), 2013-2018
Table 9: Palestinian Life Insurance - Paid Claims (ILS Million), 2009-2013
Table 10: Palestinian Life Insurance - Paid Claims (ILS Million), 2013-2018
Table 11: Palestinian Life Insurance - Incurred Loss (ILS Million), 2009-2013
Table 12: Palestinian Life Insurance - Incurred Loss (ILS Million), 2013-2018
Table 13: Palestinian Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Palestinian Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Palestinian Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Palestinian Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Palestinian Life Insurance - Total Assets (ILS Million), 2009-2013
Table 18: Palestinian Life Insurance - Total Assets (ILS Million), 2013-2018
Table 19: Palestinian Life Insurance - Total Investment Income (ILS Million), 2009-2013
Table 20: Palestinian Life Insurance - Total Investment Income (ILS Million), 2013-2018
Table 21: Palestinian Life Insurance - Retentions (ILS Million), 2009-2013
Table 22: Palestinian Life Insurance - Retentions (ILS Million), 2013-2018
Table 23: Palestinian Individual Life Insurance - Written Premium (ILS Million), 2009-2013
Table 24: Palestinian Individual Life Insurance - Written Premium (ILS Million), 2013-2018
Table 25: Palestinian Non-Life Insurance - Written Premium by Category (ILS Million), 2009-2013
Table 26: Palestinian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 27: Palestinian Non-Life Insurance - Written Premium by Category (ILS Million), 2013-2018
Table 28: Palestinian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 29: Palestinian Non-Life Insurance - Paid Claims (ILS Million), 2009-2013
Table 30: Palestinian Non-Life Insurance - Paid Claims (ILS Million), 2013-2018
Table 31: Palestinian Non-Life Insurance - Incurred Loss (ILS Million), 2009-2013
Table 32: Palestinian Non-Life Insurance - Incurred Loss (ILS Million), 2013-2018
Table 33: Palestinian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 34: Palestinian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 35: Palestinian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 36: Palestinian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 37: Palestinian Non-Life Insurance - Total Assets (ILS Million), 2009-2013
Table 38: Palestinian Non-Life Insurance - Total Assets (ILS Billion), 2013-2018
Table 39: Palestinian Non-Life Insurance - Total Investment Income (ILS Million), 2009-2013
Table 40: Palestinian Non-Life Insurance - Total Investment Income (ILS Million), 2013-2018
Table 41: Palestinian Non-Life Insurance - Retentions (ILS Million), 2009-2013
Table 42: Palestinian Non-Life Insurance - Retentions (ILS Million), 2013-2018
Table 43: Palestinian Property Insurance - Written Premium (ILS Million), 2009-2013
Table 44: Palestinian Property Insurance - Written Premium (ILS Million), 2013-2018
Table 45: Palestinian Motor Insurance - Written Premium (ILS Million), 2009-2013
Table 46: Palestinian Motor Insurance - Written Premium (ILS Million), 2013-2018
Table 47: Palestinian Liability Insurance - Written Premium (ILS Million), 2009-2013
Table 48: Palestinian Liability Insurance - Written Premium (ILS Million), 2013-2018
Table 49: Palestinian Marine, Aviation and Transit Insurance - Written Premium (ILS Million), 2009-2013
Table 50: Palestinian Marine, Aviation and Transit Insurance - Written Premium (ILS Million), 2013-2018
Table 51: Palestinian Personal Accident and Health Insurance - Written Premium by Category (ILS Million), 2009-2013
Table 52: Palestinian Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 53: Palestinian Personal Accident and Health Insurance - Written Premium by Category (ILS Million), 2013-2018
Table 54: Palestinian Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 55: Palestinian Personal Accident and Health Insurance - Paid Claim (ILS Million), 2009-2013
Table 56: Palestinian Personal Accident and Health Insurance - Paid Claim (ILS Million), 2013-2018
Table 57: Palestinian Personal Accident and Health Insurance - Incurred Loss (ILS Million), 2009-2013
Table 58: Palestinian Personal Accident and Health Insurance - Incurred Loss (ILS Million), 2013-2018
Table 59: Palestinian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 60: Palestinian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 61: Palestinian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 62: Palestinian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 63: Palestinian Personal Accident and Health Insurance - Total Assets (ILS Million), 2009-2013
Table 64: Palestinian Personal Accident and Health Insurance - Total Assets (ILS Million), 2013-2018
Table 65: Palestinian Personal Accident and Health Insurance - Total Investment Income (ILS Million), 2009-2013
Table 66: Palestinian Personal Accident and Health Insurance - Total Investment Income (ILS Million), 2013-2018
Table 67: Palestinian Personal Accident and Health Insurance - Retentions (ILS Million), 2009-2013
Table 68: Palestinian Personal Accident and Health Insurance - Retentions (ILS Million), 2013-2018
Table 69: Palestinian Personal Accident Insurance - Written Premium (ILS Million), 2009-2013
Table 70: Palestinian Personal Accident Insurance - Written Premium (ILS Million), 2013-2018
Table 71: Palestinian Health Insurance - Written Premium (ILS Million), 2009-2013
Table 72: Palestinian Health Insurance - Written Premium (ILS Million), 2013-2018
Table 73: Palestinian Reinsurance Ceded by Insurance Industry (ILS Million), 2009-2013
Table 74: Palestinian Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 75: Palestinian Reinsurance Ceded by Insurance Industry (ILS Million), 2013-2018
Table 76: Palestinian Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 77: Palestinian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 78: Palestinian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 79: Palestinian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 80: Palestinian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 81: Palestinian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 82: Palestinian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 83: Palestine - Life Insurance Regulatory Framework
Table 84: Palestine - Property Insurance Regulatory Framework
Table 85: Palestine - Motor Insurance Regulatory Framework
Table 86: Palestine - Liability Insurance Regulatory Framework
Table 87: Palestine - Minimum Tariff for Mechanical Vehicles Insurance
Table 88: Palestine - Minimum Tariff for Workmens Compensation Insurance
Table 89: Palestine - Minimum Capital Requirements
Table 90: Palestine - Deposit Requirements
Table 91: Palestine - Corporate Tax Rates for the Financial Year 2013
Table 92: Palestinian Insurance - Segment Shares (%), 2012 and 2013
Table 93: Trust International Insurance - Main Products
Table 94: Trust International Insurance - Key Employees
Table 95: National Insurance Company - Main Products
Table 96: National Insurance Company - Key Employees
Table 97: Global United Insurance - Main Products
Table 98: Global United Insurance - Key Employees
Table 99: Al-Takaful Palestinian Insurance - Main Products
Table 100: Al-Takaful Palestinian Insurance - Key Employees
Table 101: Al-Mashreq Insurance - Main Products
Table 102: Al-Mashreq Insurance - Key Employees
List Of Figures
Figure 1: Palestinian Insurance - Overall Written Premium by Segment (ILS Million), 2009-2018
Figure 2: Palestinian Insurance Market Dynamics by Segment, 2009-2018
Figure 3: Palestinian Life Insurance - Written Premium (ILS Million), 2009-2013
Figure 4: Palestinian Life Insurance - Written Premium (ILS Million), 2013-2018
Figure 5: Palestinian Life Insurance - Paid Claims (ILS Million), 2009-2013
Figure 6: Palestinian Life Insurance - Paid Claims (ILS Million), 2013-2018
Figure 7: Palestinian Life Insurance - Incurred Loss (ILS Million), 2009-2013
Figure 8: Palestinian Life Insurance - Incurred Loss (ILS Million), 2013-2018
Figure 9: Palestinian Life Insurance - Loss Ratio (%), 2009-2013
Figure 10: Palestinian Life Insurance - Loss Ratio (%), 2013-2018
Figure 11: Palestinian Life Insurance - Combined Ratio (%), 2009-2013
Figure 12: Palestinian Life Insurance - Combined Ratio (%), 2013-2018
Figure 13: Palestinian Life Insurance - Total Assets (ILS Million), 2009-2013
Figure 14: Palestinian Life Insurance - Total Assets (ILS Million), 2013-2018
Figure 15: Palestinian Life Insurance - Total Investment Income (ILS Million), 2009-2013
Figure 16: Palestinian Life Insurance - Total Investment Income (ILS Million), 2013-2018
Figure 17: Palestinian Life Insurance - Retentions (ILS Million), 2009-2013
Figure 18: Palestinian Life Insurance - Retentions (ILS Million), 2013-2018
Figure 19: Palestinian Life Insurance - Investment (ILS Million), 2009-2013
Figure 20: Palestinian Life Insurance - Penetration (%), 2009-2013
Figure 21: Palestinian Life Insurance - Premium Per Capita (ILS), 2009-2013
Figure 22: Palestinian Individual Life Insurance - Written Premium (ILS Million), 2009-2013
Figure 23: Palestinian Individual Life Insurance - Written Premium (ILS Million), 2013-2018
Figure 24: Palestinian Non-Life Insurance - Written Premium by Category (ILS Million), 2009-2018
Figure 25: Palestinian Non-Life Insurance - Written Premium by Category (%), 2013 and 2018
Figure 26: Palestinian Non-Life Insurance - Dynamics by Category, 2009-2018
Figure 27: Palestinian Non-Life Insurance - Paid Claims (ILS Million), 2009-2013
Figure 28: Palestinian Non-Life Insurance - Paid Claims (ILS Million), 2013-2018
Figure 29: Palestinian Non-Life Insurance - Incurred Loss (ILS Million), 2009-2013
Figure 30: Palestinian Non-Life Insurance - Incurred Loss (ILS Million), 2013-2018
Figure 31: Palestinian Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 32: Palestinian Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 33: Palestinian Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 34: Palestinian Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 35: Palestinian Non-Life Insurance - Total Assets (ILS Million), 2009-2013
Figure 36: Palestinian Non-Life Insurance - Total Assets (ILS Billion), 2013-2018
Figure 37: Palestinian Non-Life Insurance - Total Investment Income (ILS Million), 2009-2013
Figure 38: Palestinian Non-Life Insurance - Total Investment Income (ILS Million), 2013-2018
Figure 39: Palestinian Non-Life Insurance - Retentions (ILS Million), 2009-2013
Figure 40: Palestinian Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 41: Palestinian Non-Life Insurance - Investment (ILS Million), 2009-2013
Figure 42: Palestinian Non-Life Insurance Penetration (%), 2009-2013
Figure 43: Palestinian Non-Life Insurance - Premium Per Capita (ILS), 2009-2013
Figure 44: Palestinian Property Insurance - Written Premium (ILS Million), 2009-2013
Figure 45: Palestinian Property Insurance - Written Premium (ILS Million), 2013-2018
Figure 46: Palestinian Motor Insurance - Written Premium (ILS Million), 2009-2013
Figure 47: Palestinian Motor Insurance - Written Premium (ILS Million), 2013-2018
Figure 48: Palestinian Liability Insurance - Written Premium (ILS Million), 2009-2013
Figure 49: Palestinian Liability Insurance - Written Premium (ILS Million), 2013-2018
Figure 50: Palestinian Marine, Aviation and Transit Insurance - Written Premium (ILS Million), 2009-2013
Figure 51: Palestinian Marine, Aviation and Transit Insurance - Written Premium (ILS Million), 2013-2018
Figure 52: Palestinian Personal Accident and Health Insurance - Written Premium by Category (ILS Million), 2009-2018
Figure 53: Palestinian Personal Accident and Health Insurance - Written Premium by Category (%), 2013 and 2018
Figure 54: Palestinian Personal Accident and Health Insurance - Dynamics by Category, 2009-2018
Figure 55: Palestinian Personal Accident and Health Insurance - Paid Claims by Category (ILS Million), 2009-2013
Figure 56: Palestinian Personal Accident and Health Insurance - Paid Claims (ILS Million), 2013-2018
Figure 57: Palestinian Personal Accident and Health Insurance - Incurred Loss (ILS Million), 2009-2013
Figure 58: Palestinian Personal Accident and Health Insurance - Incurred Loss (ILS Million), 2013-2018
Figure 59: Palestinian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 60: Palestinian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 61: Palestinian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 62: Palestinian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 63: Palestinian Personal Accident and Health Insurance - Total Assets (ILS Million), 2009-2013
Figure 64: Palestinian Personal Accident and Health Insurance - Total Assets (ILS Million), 2013-2018
Figure 65: Palestinian Personal Accident and Health Insurance - Total Investment Income (ILS Million), 2009-2013
Figure 66: Palestinian Personal Accident and Health Insurance - Total Investment Income (ILS Million), 2013-2018
Figure 67: Palestinian Personal Accident and Health Insurance - Retentions (ILS Million), 2009-2013
Figure 68: Palestinian Personal Accident and Health Insurance - Retentions (ILS Million), 2013-2018
Figure 69: Palestinian Personal Accident and Health Insurance - Investment (ILS Million), 2009-2013
Figure 70: Palestinian Personal Accident and Health Insurance Penetration (%), 2009-2013
Figure 71: Palestinian Personal Accident and Health Insurance - Premium Per Capita (ILS), 2009-2013
Figure 72: Palestinian Personal Accident Insurance - Written Premium (ILS Million), 2009-2013
Figure 73: Palestinian Personal Accident Insurance - Written Premium (ILS Million), 2013-2018
Figure 74: Palestinian Health Insurance - Written Premium (ILS Million), 2009-2013
Figure 75: Palestinian Health Insurance - Written Premium (ILS Million), 2013-2018
Figure 76: Palestinian Reinsurance Ceded by Insurance Segment (ILS Million), 2009-2018
Figure 77: Palestinian Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 78: Palestinian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 79: Palestinian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 80: Palestinian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 81: Palestinian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 82: Palestinian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 83: Palestinian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 84: Palestine - Insurance Regulatory Framework
Figure 85: Palestine - Insurance Supervision and Control at Various Levels
Figure 86: Palestine - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 87: Palestinian Insurance - Segment Shares (%), 2012 and 2013
Figure 88: Palestinian GDP at Constant Prices (US$ Billion), 2009-2013
Figure 89: Unemployment Rate (%), 2009-2013
