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Israel

Life Report

Product Insurance Market Reports Life Rev Israel

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Israel's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Israel's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Israel

The Israel life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Israel. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Israel and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Israel’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Israel is available.

Axco’s report describes the regulatory framework that applies to the Israeli domestic life insurance sector, including whether non-admitted insurance is permitted in Israel; as well as the legislation necessary to know regarding Israel’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Israel with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Israeli 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.

Healthcare

The report describes the public and private healthcare system in Israeli, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Israeli 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

Social Security

The Israel 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 

Israel Life and Benefits Report Extract

Below are brief extracts of information from the Israel Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

A significant amount of the life insurance market is in respect of savings policies. This includes the so-called managers insurance policies for pension savings.

The impact of the pandemic has been limited on the life insurance market in mortality terms, with most cases seen being in higher age brackets, which is not the target population covered by life insurance. Excess mortality was said to be around 6%, with experience said not to be material enough ....

Pensions

Under the national insurance programme there is a first-pillar state old-age pension. The amount is seen as modest, and additional provision is necessary for most people. Sustainability of the system is not seen as an issue.

Second pillar pension provision is mandatory. It is up to employees to choose the intermediary as well as the provider they want to use ('freedom of choice'). For the employer's convenience a service agent ....

Healthcare

Public healthcare in Israel is provided through mandatory health funds (HMO), funded by social security contributions. Coverage is universal. Supplementary VHI is also offered by the health funds as a second tier of cover.

PMI is effectively the third tier of health cover. It is not a replacement for the health fund system, but enables choice of hospital and doctor. A considerable proportion of PMI premium is said to be group business, the actual proportion ....

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