Israel

Axco provides details on the life insurance sector including Israeli market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Israeli, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Israeli pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Israel report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

A significant amount of the life insurance market is in respect of savings policies. This includes the so-called managers insurance policies for pension savings.

The impact of the pandemic has been limited on the life insurance market in mortality terms, with most cases seen being in higher age brackets, which is not the target population covered by life insurance. Excess mortality was said to be around 6%, with experience said not to be material enough ....

Under the national insurance programme there is a first-pillar state old-age pension. The amount is seen as modest, and additional provision is necessary for most people. Sustainability of the system is not seen as an issue.

Second pillar pension provision is mandatory. It is up to employees to choose the intermediary as well as the provider they want to use ('freedom of choice'). For the employer's convenience a service agent ....

Public healthcare in Israel is provided through mandatory health funds (HMO), funded by social security contributions. Coverage is universal. Supplementary VHI is also offered by the health funds as a second tier of cover.

PMI is effectively the third tier of health cover. It is not a replacement for the health fund system, but enables choice of hospital and doctor. A considerable proportion of PMI premium is said to be group business, the actual proportion ....