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 Jordan 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 Jordan 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 (%)
Jordan is a constitutional monarchy, whose economy is dominated by services, accounting for over two-thirds of GDP. Major sectors include finance and property, tourism, transport and communications, and government services. The Jordanian insurance market is small but non-life insurance penetration in Jordan is high compared to other Arab markets. Despite this and some awareness of insurance among Jordanians, life insurance remained underdeveloped.
There were 24 insurance companies in the Jordanian market in 2019. Of this number, 15 were composites, one a pure life company and eight non-life only companies. All companies are joint stock; apart from the only life insurer there are no branches of foreign insurers.
Non-life insurance is sold direct, by company sales teams, and distributed through licensed brokers, agents and bancassurance. A lot of commercial insurance business is derived from insurers' shareholders or, because of long-standing relationships, effectively tied to a particular insurance company.