Market Size of Israel Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Israel Life & Non-Life Insurance Market Analysis
The global spread of COVID-19 in 2020 has created major challenges around the world, with individuals at risk of being infected by a contagious and deadly virus and many businesses shut down for public health purposes. This global health and economic crisis are also set to have an impact on insurance companies. They are likely to face charges in the demand for insurance policies and claims experience as well as impacts on the value of the assets that they hold to meet their obligations to policyholders.
Israeli insurance regulator has increased insurance product transparency, the insurance regulator has issued various rules and circulars, under which insurers must disclose monthly information regarding insurance programs, exclusions, limitations, and any updates to rates. The regulator may find an insurer that breaches these rules, even as much as USD 1 million. To increase competition between insurers, the regulator significantly reduced the capital requirement for digital insurers. The regulator aims to lower the requirement from digital insurers in various technical aspects which will enable them to operate more economically and efficiently.
The Israeli insurance market will continue to be very competitive, dictating a soft market, especially in personal lines insurance. It is expected that the high level of competition and developments in technology will lead to creative new products in the market and an increase in sales of direct insurance. Insurtech is very developed in Israel. Israeli insurance companies are looking at ways to transform parts of their activities into digital formats, such as the sale of policies, underwriting information, and handling of claims, in personal insurance. As a result of the growing competition, digital search engines compare terms and costs of insurance offered by competing insurance companies, to present tools to the consumer to find the most suitable insurance.
