Investment in Insurance Sector Up 19% in 10 Years

Experts say Sector Still Requires Further Organisation and Regulation

تم نشره في Mon 14 August / Aug 2017. 12:00 AM
  • Index Rise, up - (Expressive)

AMMAN —AlGhad— Investments in the insurance sector has grown by nearly 19 per cent in the last 10 years, according to the comparative data analyses conducted AlGhad, from JOD457 million in 2007 to JOD543.5 million in 2017.

There are currently 24 insurance companies in Jordan, down from 28 in 2007, with total asset value of JOD916 million, up 44 per cent from 2007’s JOD636 million.

In 2016, the sector’s net profit total stood at JOD30.5 million, compared to JOD8.4 million in 2007.

Over the duration of 10 years, however, Jordan’s population has increased by roughly 71.1 per cent, from 5.72 million to 9.79 million.

Economist Zyan Zawaneh said that the insurance sector has undergone various transformation in the last 10 years, enabling it to immerge out of loss and into profit.

Zawaneh confirmed that the sector is far better now than it was three years ago, however, it still requires further intensives to merge and formulate larger, stronger corporations.

Additionally, Zawaneh underscored, it still needs advanced regulation and legislation in order to increase competitiveness and organisation, which would eventually raise profitability.

Premiums in total have increased by nearly 99.8 per cent, since 2007, from JOD291.6 million to JOD582.9 million.