Jordan: Premiums up 7.6% in 2014 to US$745 mln
Source: Middle East Insurance Review | May 2015
Total premiums rose by 7.6% to reach JOD527.9 million (US$745.2 million) for 2014 compared to the previous year, according to preliminary data released by the Ministry of Industry and Trade and Supply.
General insurance accounted for 90% of the total market in 2014, with premiums increasing by 7.1% to JOD474.8 million. Life premiums rose by 12% to JOD53.1 million, reported the Arab Today newspaper citing ministry data.
The data showed that 40.4% of the total premiums collected in 2014 was from motor insurance, amounting to about JOD213 million, up by 6.4%, compared to 2013. Medical premiums amounted to JOD143 million for 2014, up by 11.4%. This constituted 27.1% of the total premiums.
Premiums for fire and other damage to property grew by 1.2% to JOD69 million in 2014, representing 13.1% of the total premiums.
Total claims payouts increased by 17.5% to JOD366.1 million for 2014. Of this, 48.1% or JOD176.3 million was paid out in respect of motor claims. This represented an increase of 9.3% in motor claims paid in 2014, compared to the previous year.
Claims paid in respect of fire and other damage to property surged by 233.1% to JOD42 million last year, representing 11.5% of total claims paid by the insurance market.
JOD1 = US$1.41