Israel Insurance Report Q1 2008
Business Monitor International, February 2008, Pages: 33
The Israel Insurance Report provides independent forecasts and competitive intelligence on Israels insurance industry.
As a moderately high-income country with a sophisticated financial services sector and a favourable regulatory regime that is presided over by the Ministry of Finance, Israel should be an attractive market for the world’s insurers. Recent growth has been steady, if not spectacular. There are no legal barriers to participation by foreign insurers: indeed, the local subsidiary of Italy’s Generali is one of the five largest players in both the non-life and the life segments. Israel’s Insurance Business Environment Rating (IBER) - which is a new feature of this report - is high, relative to most other countries whose insurance sectors are covered by BMI and, in particular, relative to other countries in the Middle East.
However, the overall picture is unexciting. In the non-life segment, most of the growth has been in health insurance and personal liability insurance. Elsewhere in the segment, premiums have been stagnant. After a long wave of mergers and acquisitions, both the non-life and the life segments are dominated by five locally listed composite insurers. Some - such as Clal Insurance Pension & Finance Group, which recently bought the USA’s Guard Financial - have expanded by buying niche insurers overseas. In general, though, the five leaders - Clal, Harel, Phoenix Insurance Company, Menorah Mivtachim and Migdal Insurance and Finance Holdings (the Generali subsidiary) - have little room to expand within Israel.
Competitive conditions have been brutal. Through 2007 growth in gross written premiums - of 9-10% in both the non-life and the life segments - has not been accompanied by anything like a similar growth in operating profit. In the first three quarters of 2007, each of the five leading insurers suffered a fall in operating profit from non-life and/or life insurance operations. AIG is the only international insurer other than Generali to participate in the Israeli insurance sector. It would be surprising if any other major sought to enter the market.
The Sector At A Glance
Table: Overview Of The Israeli Insurance Sector
Key Insights On The Israeli Insurance Sector
SWOT Analysis
Israel Insurance Industry SWOT
Key Features Of This Report
Latest News
Table: Analysis By Non-Life Lines, 2005 And 2006
Projections And Forecasts
Table: Premiums - Historical Data And Forecasts, 2005-2012
Projections And Drivers Of Growth
Table: Growth Drivers
Country Update
Macroeconomic Outlook
Table: Israel - Economic Activity
Political Outlook
Insurance Business Environment Rating
Table: Israel - Insurance Business Environment Indicators
Table: Insurance Business Environment Ratings
Regional Context
Table: Non-Life Premiums In A Regional Context, 2007
Table: Life Premiums In A Regional Context, 2007
Table: Comparison Of Major Lines As % Non-Life Premiums, 2006 (%)
Analysis Of Competitive Conditions
Israel - Non-Life Segment
Table: Presence Of Cross-Border Insurers - Non-Life
Israel - Life Segment
Table: Presence Of Cross-Border Insurers - Life
Methodology
Basis Of Projections
Insurance Business Environment Rating
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
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