The Insurance Industry in Israel, Key Trends and Opportunities to 2017

Date: 2015-09

The Israeli insurance industry is one of the largest and most highly developed in Western Asia. The insurance premium per capita and penetration are also among the highest in the region. However, the industryโ€™s size and significance still remains small by international standards. The written premium value rose from ILS37.4 billion (US$10.4 billion) in 2008 to ILS47.3 billion (US$12.3 billion) in 2012, at a compound annual growth rate (CAGR) of 6.0% during the review period (2008โ€“2012), driven by the growing demand for savings products, a decline in policy cancellations and economic developments in the country. The improving political and economic conditions in Israel combined with growing demand for insurance products such as long-term savings, personal accident and property insurance will drive growth in the overall Israel insurance industry over the forecast period. The industry is projected to grow from ILS47.3 billion (US$12.3 billion) in 2012 to ILS60.5 billion (US$16.7 billion) in 2017, at a CAGR of 5.0% over the forecast period (2012โ€“2017).

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