Jordan's insurance market continued to grow in 2024 with the premium volume jumping by around 8% while paid claims increased by 6.5%, according to preliminary data released by the sector's regulator.
Data from the Central Bank of Jordan shows that the market’s GWP registered an annual growth rate of 7.7% in 2024 as it reached JOD799.7m ($1.13bn) compared with JOD742.2m in the previous year.
Motor insurance business in 2024 reached JOD272m against JOD258m in the previous year, accounting for around 34% of the total premiums. Medical insurance was the second largest line of business as it reached JOD248m up from JOD217m, controlling a market share of about 31%.
The overall non-life insurance business (including medical insurance) commanded 82.5% of the market.
Life insurance business in 2024 reached JOD140m, up from JOD132m in the past year, reflecting a 6% growth and accounting for 17.5% of the market GWP.
Paid claims for the market increased by 6.5% as they reached JOD533.6m in 2024 from JOD500.9m in 2023.
Non-life paid claims controlled 90% of the market’s total claims. Motor insurance paid claims amounted to JOD261.4m in 2024, higher by 8.9% from JOD240m in 2023, accounting for around 49% of the market total paid claims. Paid medical claims totalled JOD197.4m (or 37% of the market total paid claims) from JOD187.5m in 2023. Life insurance business paid claims stood at JOD51 up from JOD48m in 2023, accounting for 9.5% of the market overall paid claims in 2024.