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Life Insurance in Israel, Key Trends and Opportunities to 2019

Published: May 24, 2016 | Pages: 88 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Life Insurance in Israel, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Israeli life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets and total investment income during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Israeli economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Israel, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Israeli life insurance segment, including:

- The Israeli life insurance segment’s growth prospects by life insurance category
- Key trends, drivers and challenges for the life insurance segment
- A comprehensive overview of the Israeli economy and demographics
- The various distribution channels in the Israeli life insurance segment
- Details of the competitive landscape in the life insurance segment in Israel
- Details of regulatory policy applicable to the Israeli insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Israel:

- It provides historical values for the Israeli life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
- It offers a detailed analysis of the key categories in the Israeli life insurance segment, and market forecasts to 2019.
- It analyzes the various distribution channels for life insurance products in Israel.
- It profiles the top life insurance companies in Israel and outlines the key regulations affecting them.

Reasons To Buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Israeli life insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Israeli life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Israeli insurance industry, and their impact on companies and the industry's future.

Key Highlights

- The life segment accounted for 51.6% of the Israeli Insurance industry's gross written premium in 2014.
- The segment's share is expected to increase from 51.6% in 2014 to 55.3% in 2019.
- The aging population, rising disposable income, a strong agency network and constant pension reforms drove the segment during the review period.
- The Israeli life segment is highly consolidated, with the five leading insurers accounting for 92.3% of the segment’s gross written premium in 2014.
- There were 11 insurers licensed to conduct life insurance business in 2014.
 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Israeli Life Insurance Segment
6.2.1 Migdal Insurance Company Ltd - company overview
6.2.2 Harel Insurance Company Ltd - company overview
6.2.3 Clal Insurance Enterprises Holdings Ltd - company overview
6.2.4 The Phoenix Insurance Company Ltd - company overview
6.2.5 Menorah Mivtachim Insurance Ltd - company overview
6.2.6 Hachshara Insurance Company Ltd - company overview
6.2.7 Ayalon Insurance Company Ltd - company overview
6.2.8 IDI Insurance Company Ltd - company overview
6.2.9 Psagot Insurance Company (PI) Ltd - company overview
6.2.10 AIG Israel Insurance Company Ltd - company overview

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Workers’ compensation insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Capital Markets, Insurance and Savings Division
7.5.3 Israel Insurance Association (RA)
7.5.4 The Association of Life Insurance Companies of Israel Ltd
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)

8 Definitions and Methodology
8.1 Definitions
8.2 Methodology

9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric’s Services
9.4 Disclaimer
List of Tables

Table 1: Israeli Life Insurance Segment - Key Facts, 2014
Table 2: Israeli Life Insurance - Segment Shares of the Leading Insurers (%), 2014
Table 3: Israeli Government Credit Ratings, 2014
Table 4: Israeli Life Insurance - Segment Shares (%), 2014
Table 5: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2010-2014
Table 6: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2014-2019
Table 7: Israeli Life Insurance - Paid Claims (ILS Billion), 2010-2014
Table 8: Israeli Life Insurance - Paid Claims (ILS Billion), 2014-2019
Table 9: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2010-2014
Table 10: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2014-2019
Table 11: Israeli Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 12: Israeli Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 13: Israeli Life Insurance - Total Assets (ILS Billion), 2010-2014
Table 14: Israeli Life Insurance - Total Assets (ILS Billion), 2014-2019
Table 15: Israeli Life Insurance - Total Investment Income (ILS Billion), 2010-2014
Table 16: Israeli Life Insurance - Total Investment Income (ILS Billion), 2014-2019
Table 17: Israeli Life Insurance - Net Written Premium (ILS Billion), 2010-2014
Table 18: Israeli Life Insurance - Net Written Premium (ILS Billion), 2014-2019
Table 19: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2010-2014
Table 20: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2014-2019
Table 21: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2010-2014
Table 22: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2014-2019
Table 23: Israeli Life Insurance Companies - Number of Agents and Agencies, 2014
Table 24: Israeli Life Insurance - Segment Shares (%), 2014
Table 25: Migdal Insurance Company Ltd - Key Facts
Table 26: Migdal Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 27: Harel Insurance Company Ltd - Key Facts
Table 28: Harel Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 29: Clal Insurance Enterprises Holdings Ltd - Key Facts
Table 30: Clal Insurance Enterprises Holdings Ltd - Key Financials (ILS Billion), 2009-2013
Table 31: The Phoenix Insurance Company Ltd - Key Facts
Table 32: The Phoenix Insurance Company Ltd - Key Financials (ILS Billion), 2009-2013
Table 33: Menorah Mivtachim Insurance Ltd - Key Facts
Table 34: Menorah Mivtachim Insurance Ltd - Key Financials (ILS Billion), 2009-2013
Table 35: Hachshara Insurance Company Ltd - Key Facts
Table 36: Ayalon Insurance Company Ltd - Key Facts
Table 37: Ayalon Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 38: IDI Insurance Company Ltd - Key Facts
Table 39: IDI Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 40: Psagot Insurance Company (PI) Ltd - Key Facts
Table 41: AIG Israel Insurance Company Ltd - Key Facts
Table 42: AIG Israel Insurance Company Ltd - Key Financials (ILS Million), 2009-2013
Table 43: Israel - Insurance Regulatory Framework Key Features
Table 44: Israel - Life Insurance Regulatory Framework
Table 45: Israel - Property Insurance Regulatory Framework
Table 46: Israel - Motor Insurance Regulatory Framework
Table 47: Israel - Liability Insurance Regulatory Framework
Table 48: Israel - Corporate Tax Rates for the Financial Year 2015
Table 49: Insurance Industry Definitions 


List of Figures

Figure 1: Israeli Real GDP (ILS Trillion), 2010-2019
Figure 2: ILS - US$ Exchange Rate, 2010-2019
Figure 3: Israeli Consumer Price Inflation (%), 2010-2019
Figure 4: Israeli Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Israeli Unemployment Rate (%), 2010-2019
Figure 6: Israeli Population by Age Group (Million), 2010-2014
Figure 7: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2010-2014
Figure 8: Israeli Life Insurance - Gross Written Premium (ILS Billion), 2014-2019
Figure 9: Israeli Life Insurance - Paid Claims (ILS Billion), 2010-2014
Figure 10: Israeli Life Insurance - Paid Claims (ILS Billion), 2014-2019
Figure 11: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2010-2014
Figure 12: Israeli Life Insurance - Commissions and Expenses (ILS Billion), 2014-2019
Figure 13: Israeli Life Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 14: Israeli Life Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 15: Israeli Life Insurance - Total Assets (ILS Billion), 2010-2014
Figure 16: Israeli Life Insurance - Total Assets (ILS Billion), 2014-2019
Figure 17: Israeli Life Insurance - Total Investment Income (ILS Billion), 2010-2014
Figure 18: Israeli Life Insurance - Total Investment Income (ILS Billion), 2014-2019
Figure 19: Israeli Life Insurance - Net Written Premium (ILS Billion), 2010-2014
Figure 20: Israeli Life Insurance - Net Written Premium (ILS Billion), 2014-2019
Figure 21: Israeli Life Insurance - Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 22: Israeli Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 23: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2010-2014
Figure 24: Israeli Non-Linked Insurance Business - Gross Written Premium (ILS Billion), 2014-2019
Figure 25: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2010-2014
Figure 26: Israeli Non-Linked Insurance Business - Direct Written Premium (ILS Billion), 2014-2019
Figure 27: Israeli Life Insurance - Segment Shares (%), 2014
Figure 28: Israel - Insurance Supervision and Control at Various Levels
Figure 29: Israel - Insurance Regulatory Frameworks for Company Registration and Operation

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