The most prominent statistics and results in the insurance market:
Insurance premiums amounted to 396 million US$ for the year 2022, while they were 363 million US$ in 2021; with a growth rate of 9%. The total compensation paid to beneficiaries of insurance coverage increased from US$ 227.9 million in 2021 to US$ 255.8 million in 2022, with a growth rate of 12%.
Insurance companies achieved net profits of US$ 21.7 million in 2022, compared to US$ 12.4 million in 2021, an increase of 68.2%.
The insurance penetration rate, which represents the total premiums of the insurance portfolio attributable to the gross domestic product at current prices at the end of the year 2022, was approximately 2.07%, compared to approximately 2% at the end of the year 2021. The insurance density increased to about US$ 73.08 at the end of 2022 from US$ 68.6 at the end of 2021, as this ratio refers to the individual’s share of the total insurance portfolio.
Year | Total Premiums (in USD Million) | Population (in millions) | Gross Domestic Product (in US dollars) | Average individual spending on insurance | Insurance percentage in gross national product (%) |
2018 | 279,370,598 | 4.6 | 16.277 | 56.8 | 1.72 |
2019 | 302,509,068 | 4.7 | 17.134 | 60 | 1.77 |
2020 | 303,244,103 | 4.8 | 15.561 | 58.72 | 1.95 |
2021 | 363,019,897 | 5.2 | 18.036 | 64.55 | 1.89 |
2022 | 396,012,710 | 5.4 | 19.112* | 73.08 | 2.07 |
* According to the estimated data issued by the Palestinian Central Bureau of Statistics.
Types and branches | 2020 | 2021 | Growth rate (%) 2020/2021 | 2022 | Growth rate (%) 2021/2022 |
Vehicle insurance | 208,203,153 | 250,481,204 | 20.31 | 274,437,047 | 9.56 |
workers insurance | 24,105,476 | 27,630,301 | 14.62 | 30,231,348 | 9.41 |
health insurance Civil | 32,103,237 | 38,009,154 | 18.40 | 40,806,747 | 7.36 |
Liability Insurance | 4,238,377 | 4,980,362 | 17.51 | 5,170,864 | 3.83 |
Other insurances | 4,873,296 | 7,040,572 | 44.47 | 8,452,926 | 20.06 |
Fire insurance | 15,753,554 | 18,535,124 | 17.66 | 18,579,776 | 0.24 |
Marine insurance | 1,542,319 | 1,858,807 | 20.52 | 1,938,222 | 4.27 |
Engineering insurance | 6,061,942 | 7,377,363 | 21.70 | 7,764,396 | 5.25 |
Life insurance | 6,362,749 | 7,107,010 | 11.70 | 8,631,384 | 21.45 |
Total premiums | 303,244,103 | 363,019,897 | 19.71 | 396,012,710 | 9.09 |
Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Premiums | 215,249,149 | 255,421,729 | 279,370,598 | 302,509,068 | 303,244,103 | 363,019,897 | 396,012,710 |
Paid compensation | 122,632,194 | 144,320,228 | 166,307,996 | 182,660,629 | 179,630,303 | 227,977,187 | 255,872,881 |
