Jordan Insurance Report Q2 2016
BMI View: The insurance market in Jordan faces numerous challenges. Regional unrest arising fromconflict in Syria and Iraq has stymied trade, affecting direct demand for various non-life products anddampening wider economic growth prospects, leading to a downgrading of many of our forecasts asunemployment rises and household incomes come under increasing pressure. The life market remainsunderdeveloped, and rates of penetration and density are not expected to improve significantly, despitesteady premium growth over our five-year forecast period. The large non-life sector will also see growth,primarily driven by the health insurance sector as the dominant motor insurance segment struggles to findavenues for new growth.
Key Updates And Forecasts:
Regional unrest as a result of ongoing conflict in Syria and Iraq continues to weigh on demand forJordanian exports, and as a result we have revised downwards our forecasts for transport insurance.
Various domestic manufacturers are reportedly turning their attention to alternative markets in Africa,which currently account for just 2.5% of the Kingdom's global exports in terms of value, which couldstimulate a slight uptick in demand for transport insurance and other related covers.
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