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Follow on Google News | Jordan & Lebanon Insurance Report 2011: New research report available at Fast Market ResearchRecently published research from Business Monitor International, "Jordan & Lebanon Insurance Report 2011", is now available at Fast Market Research
As is the case in most Middle Eastern markets, we are looking for double-digit annual growth in both Jordan and Lebanon through the 2009-14 forecast period. In contrast with much of Central and Eastern Europe, the global financial crisis had very little impact on the development of insurance in either country through 2008-09. In the case of Jordan, total premiums in 2010 amounted to JOD400mn. This includes JOD362mn in non-life premiums and JOD38mn in life premiums. In 2015, the corresponding figures should be JOD697mn, JOD602mn and JOD95mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 2.14% of GDP in 2010 to 2.40% in 2015. We are looking for life density to increase from US$8.14 per capita to US$18.64. Mainly because of the small absolute size of the Jordanian insurance sector, BMI's Insurance Business Environment Rating (BER) is, at 43.3, fairly low. On the basis of figures published by the insurers' trade association in relation to 2007, and various press and corporate reports since then, we confidently estimate that total premiums in Lebanon amounted to LBP1,898,054mn in 2010. This includes non-life premiums of LBP1,296,062mn and life premiums of LBP601,992mn. In 2015, the corresponding figures should be LBP3,148,614mn, LBP2,106,300mn and LBP1,042,314mn. In terms of the key drivers, we expect non-life penetration to remain unchanged from 2.40% of GDP through to 2015: meanwhile, life density should increase from US$95.28 per capita to US$155.63. BMI's Insurance BER for Lebanon is 44.6. In theory, the insurance sectors of both Jordan and Lebanon should be ripe for consolidation. Both countries are open to foreign insurers: ALICO, formerly the life subsidiary of AIG - but now of MetLife - has long had a presence in each of them. Chartis, AIG's global non-life operation, is present in Lebanon. In both countries, the industries are extraordinarily fragmented. There are dozens of insurers that are local operations, affiliated with banks or conglomerates, and which are small by almost any standard. In this respect, Jordan and Lebanon have much in common with the UAE. In practice, both insurance sectors will probably remain fragmented. In contrast to Central and Eastern Europe, another part of the world where national markets are quite homogeneous, underdeveloped (in most cases) and likely to be small in 2014, there is little evidence that major insurers perceive the Middle East in general, and Jordan and Lebanon in particular, as opportunities that are too important to miss. (We note that, even in Central and Eastern Europe, a number of multi-national players have been rethinking their commitment. Even if the multi-nationals did want to enter, there are no former state monopolies with market shares of 30% or more that they could buy. Further, the motivations of the owners and managers of the small local insurance companies vary. In some cases, such as MedGulf and Arabia Insurance, local businesses have made progress in building a regional footprint across the Middle East. By world standards, these companies may not yet have achieved economies of scale: however they are not constrained by the limited opportunities in Jordan and/or Lebanon. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: The Sector At A Glance - Table: Overview Of Jordan's Insurance Sector - Table: Overview Of Lebanon's Insurance Sector - Key Insights On The Jordanian And Lebanese Insurance Sectors - Table: Lebanon and Jordan's Insurance Sectors At A Glance, 2008-2010 (US$mn) - Table: Jordan's Insurance Sector - Breakdown By Line (JODmn) - Key Features Of This Report SWOT Analysis - Jordan And Lebanon Insurance Industry SWOT MetLife's Acquisition Of ALICO - Table: ALICO At A Glance - Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) - Table: ALICO - A Market Leader In Japan - Table: MetLife's Acquisition Of ALICO - Table: MetLife And ALICO Combined Middle East And North Africa Overview Islamic Insurance Overview Projections And Forecasts - Table: Jordan - Premiums, 2007-2015 - Table: Lebanon - Premiums, 2007-2015 - Projections And Drivers Of Growth - Table: Jordon's Growth Drivers, 2007-2015 - Table: Lebanon's Growth Drivers, 2007-2015 Country Update - Jordan - Macroeconomic Outlook - Table: Jordan Economic Activity, 2007-2014 - Political Outlook - Lebanon - Macroeconomic Outlook - Table: Lebanon - Economic Activity, 2007-2014 - Political Outlook Insurance Business Environment Ratings - Table: Jordan's Insurance Business Environment - Table: Lebanon's Insurance Business Environment - Table: Middle East And Africa Insurance Business Environment Ratings Regional Context - Table: Non-Life Premiums In A Regional Context, 2009 - Table: Life Premiums In A Regional Context, 2009 Analysis Of Competitive Conditions Company Profiles - ALICO - AGF - AIG/Chartis - AXA - MAPFRE - Country Snapshot: Jordan Demographic Data - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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