Insurance Sector Overview
The insurance sector is one of the most important economic sectors along with the banking sector and the judicial sector for achieving the economic stability as it works on managing the national economy risks, by protecting the national savings and the lives and property of individuals and institutions, and actively contributes to economic development.
The insurance sector in Palestine has witnessed a significant development, since the Palestine Capital Market Authority was in charge of supervision of the insurance sector. This development was not limited to doubling the size of the insurance portfolio and increasing the volume of compensation paid by insurance companies, but also, on the level of the nature and quality of services provided to the public, its diversity, and the increase in the volume of capital of insurance companies, in addition to the increase in the level of their investments.
The Palestine Capital Market Authority regulates and supervises the insurance sector in Palestine in accordance with the Palestinian Insurance Law No. (20) Of 2005 and the secondary legislations issued pursuant thereto. Insurance, and protecting the rights of insurance policyholders and their beneficiaries, through continuous monitoring, ensuring the soundness of the financial positions of insurance companies and their solvency, and hedging to face the risks that may be exposed to international insurance. IAIS) and adopting a risk-based approach to supervision and control (RBS).
The Insurance Directorate is constantly working to keep pace with international standards and best practices to carry out its role and exercise it by supervising and controlling the insurance sector in Palestine. Issuing any necessary secondary legislation with the aim of strengthening the legislative environment for the insurance sector and enabling the Authority to exercise its supervisory role effectively.