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Jordan

Life Report

Product Insurance Market Reports Life Rev Jordan

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Jordan's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Jordan's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Jordan

The Jordan life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Jordan. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Jordan and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Jordan’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Jordan is available.

Axco’s report describes the regulatory framework that applies to Jordan's domestic life insurance sector, including whether non-admitted insurance is permitted in Jordan; as well as the legislation necessary to know regarding Jordan’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Jordan with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Jordan 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.

Healthcare

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

Pensions

Axco reports on the three pillars of Jordan's 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

Social Security

The Jordan 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 

Jordan Life and Benefits Report Extract

Below are brief extracts of information from the Jordan Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Despite there being some awareness of insurance among Jordanians, and the fact that non-life insurance penetration in Jordan is high compared to other Arab markets, life insurance remained underdeveloped in mid-2019. A few insurers have tried to promote individual savings contracts but credit life continues to offer the best chance to develop premium volume.

In 2018 total life premium was JOD 86.2mn (USD 121.41mn), up about 8% on 2017, of which about 22% was investment-related ....

Pensions

There is no private pensions market of any significance in Jordan, as only few individuals arrange their own pension savings contracts and employers seldom provide pension arrangements for their employees. Retirement provision of this kind is left to the Social Security Corporation (SSC).

In 2018 only a few pension annuity contracts were in force, generating JOD 2.03mn (USD 2.86mn) in premium, about 2% of all life premium. Only about 300 policies were in force ....

Healthcare

In contrast to life insurance, healthcare insurance (private medical expenses insurance - PMI) in Jordan is thriving; it is a far more important source of premium income to insurers than life insurance and has been growing fast in recent years as premiums increase to keep pace with claims. In 2018 total PMI premium was JOD 182.16mn (USD 256.56mn), up about 8% on 2017.

Although Jordan has been cited as the country with the best access to healthcare in the Middle East, estimates of coverage have varied. In 2016 figures reported by the SSC indicated that about 39% ....

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