LIFE INSURANCE TO REMAIN MAIN DRIVER OF ISRAEL INSURANCE MARKET TILL 2017: KEN RESEARCH

The favorable regulatory environment and high consumer demand for life insurance savings policies is expected to drive the growth of Israel’s life insurance market in coming years.

Life insurance is the largest segment in the insurance market of Israel indicating high preference of the population of the country for life insurance products. Moreover, the life premiums underwritten by the insurance companies in the country have expanded at a higher pace than the general insurance premiums. The significant growth of the life insurance premiums have been primarily on account of the legal changes which resulted in banks leaving the long term savings market. In wake of the tied selling of the insurance products with other banking services by the banks in the country, the government in line with the Bachar Commission recommendations removed banks from the long term savings products. This resulted in a high growth opportunity for the life insurance companies as they quickly occupied the market vacated by the banks. In addition to this, the introduction of Mandatory Pension Order in 2008 also made it compulsory for employers to provide pension to certain employees. The life insurance market of Israel is projected to grow strongly until 2017 and is expected to continue to dominate the insurance market of the country. Long term savings products are expected to continue to control the life insurance market of Israel during 2013-2017.

“The savings policies presently are the most important life insurance products in the country and makeup around 77% of the total life premiums generated in the country.” – According to the research report ‘Israel Insurance Market Outlook to 2017 – Life Insurance to Lead the Market’ by Ken Research.

The growth in the pension funds is also expected to continue in the coming years. The participation in pension funds has substantially increased in recent years in Israel while the membership in the provident funds has declined.

The report provides detailed overview on the insurance market in Israel and helps reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, insurance companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.

For More Details Please Click On Following Link:

http://www.kenresearch.com/banking-financial-service-insurance/insurance/israel-insurance-market-research-report/428-93.html

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