Introducing the Sector

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