Jordan

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.

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.

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

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 

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 ....

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 ....

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% ....