Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Israel Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Israel includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Since its proclamation in 1948, Israel has succeeded in building a prosperous and liberal economy. At the same time, it has been involved in several bloody conflicts with neighbouring Arab countries. Israel has a diversified economy with a rapidly expanding high-tech sector. The economy is based on services and features growing industries in biotechnology and chemicals.
The Israeli insurance market (life and non-life combined) is the largest in the Middle East. In 2018 total life premium grew by 6.6% to ILS 35,963.3mn; in 2019, non-life business (including PA and healthcare), totalled ILS 32.01b. In 2020, there were 21 participants in the non-life market, including the state-owned entities. The five largest companies in the non-life market accounted for just over 70% of non-life premiums. Ten companies write life business.
The distribution of insurance is primarily in the hands of independent insurance agents and agencies. They transact both life and non-life business. Agents, including the major ones, have traditionally been privately owned, but local insurers and international broking groups have increasingly bought into these organisations.