Non-life insurances - Israel

Israel

The Non-life insurances market market in Israel is projected to reach a market size (gross written premium) of €9.44bn in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to €1,014.00 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.15%, resulting in a market volume of €11.57bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium, reaching €2,294.0bn in 2024.
The non-life insurance market in Israel is experiencing significant growth due to increasing awareness about the importance of insurance coverage among the population.

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Analyst Opinion

The Non-life insurances market in Israel has been experiencing significant growth and development in recent years. Customer preferences in the Israeli non-life insurance market are shifting towards more comprehensive coverage options that provide a wider range of protection against various risks. Customers are increasingly looking for customizable insurance plans that cater to their specific needs and offer added value in terms of services and benefits. One of the key trends in the Israeli non-life insurance market is the increasing adoption of digital technologies and online platforms for purchasing insurance policies. Insurers are leveraging digital channels to reach a wider customer base and provide a seamless and convenient experience for policyholders. This trend is driven by the growing tech-savvy population in Israel, who prefer to research, compare, and buy insurance products online. Local special circumstances in Israel, such as the geopolitical situation and security concerns, play a significant role in shaping the non-life insurance market. The country's unique security challenges have led to the development of specialized insurance products that offer protection against political risks, terrorism, and other security-related incidents. This has created a niche market within the non-life insurance sector, catering to the specific needs of businesses and individuals operating in Israel. Underlying macroeconomic factors, such as the overall economic stability and growth in Israel, have also contributed to the development of the non-life insurance market. A robust economy and increasing disposable income levels have led to higher demand for insurance products across various sectors, including property, health, and liability insurance. As the economy continues to grow, the non-life insurance market is expected to expand further, driven by the need for risk mitigation and financial protection among businesses and individuals in Israel.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.