The Insurance Sector is considered an important arm of the Palestinian economy, as it plays a significant role in the development of the local economy, and in consolidating the bonds of stability and economic and social progress; Through the relationship between the insurer and the insured, we find that insurance plays the social role with the security it provides, and as a manifestation of cooperation and solidarity. It also has a role in economic life as a means of credit and an effective means of accumulating capital necessary for the economy, being an element of production, leading to the revival and strengthening of the national economy.
The most prominent statistics and results in the insurance market:
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 | 341,520,836 | 4.8 | 15.561 | 58.72 | 1.95 |
2021 | 341,520,836 | 5.2 | 18.036 | 64.55 | 1.89 |
Types and branches | 2019 | 2020 | Growth rate (%) 2019/2020 | 2021 | Growth rate (%) 2020/2021 |
Vehicle insurance | 204,246,742 | 208,203,153 | 1.9% | 231,795,326 | 11.3% |
workers insurance | 24,851,968 | 24,105,476 | -3.0% | 26,223,340 | 8.8% |
health insurance | 35,119,320 | 32,103,237 | -8.6% | 37,302,156 | 16.2% |
Civil Liability Insurance | 4,387,383 | 4,238,377 | -3.4% | 4,850,146 | 14.4% |
Other insurances | 5,376,909 | 4,873,296 | -9.4% | 6,962,823 | 42.9% |
Fire insurance | 14,288,928 | 15,753,554 | 10.2% | 18,350,992 | 16.5% |
Marine insurance | 1,885,616 | 1,542,319 | 18.2% | 1,835,537 | 19.0% |
Engineering insurance | 6,074,106 | 6,061,942 | -0.2% | 7,093,504 | 17.0% |
Life insurance | 6,278,096 | 6,362,749 | 1.3% | 7,107,010 | 11.7% |
Total premiums | 302,509,068 | 303,244,103 | 0.24% | 341,520,836 | 12.6% |
Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Premiums | 215,249,149 | 255,421,729 | 279,370,598 | 302,509,068 | 303,244,103 | 341,521,636 |
Paid compensation | 122,632,194 | 144,320,228 | 166,307,996 | 182,660,629 | 179,630,303 | 208,550,482 |
*The above data does not include the results of the Ahlia Insurance Group for the year 2021.
