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The Ministry of Industry, Trade and Supply revealed a rise in total insurance premiums by 1.8 per cent during 2017 to reach 593.5 million dinars compared to 582.9 million dinars in 2016.
The ministry said in a statement issued today that the total premiums for general insurance increased by 0.3% to reach JD 513.9 million for the year 2017 compared to JD 512.4 million for the previous year. This growth was driven by growth in total vehicle insurance premiums by 3.5% Compared with 2016, while total medical insurance premiums fell by 2 per cent, fire insurance and other property damage by 2.3 per cent.
Total life insurance premiums were KD 79.6 million during 2017 compared to JD 70.6 million for the previous year and a growth rate of 12.8%. In contrast, total insurance premiums paid increased by 0.5% during 2017 to reach JD 449 million compared to JD 447 million in 2016. Total insurance premiums paid for general insurance increased by 1.4 percent, while total life insurance premiums declined by 10 percent. Accordingly, the loss ratio (gross compensation / gross premiums) for total premiums increased to 81 percent during 2017 Compared to 80 J percent the previous year.
In terms of vehicle insurance, total vehicle insurance premiums increased by 3.5 per cent for 2017, with gross premiums for vehicles (local / third party) increasing by 0.6 per cent and gross vehicle insurance premiums by 7.2 per cent, The total loss rate (total compensation / gross premiums) for vehicle insurance was 96 per cent for 2017, compared to a loss of 92 per cent for 2016, Loss ratio of the insured Compulsory vehicles to 97 per cent compared with 91 per cent for 2016.
The number of licenses and renewals of licenses for supporting insurance providers reached 1045 during 2017, an increase of 2.1% compared to the previous year. The license was granted and renewed to 639 insurance agents, 176 insurance brokers, 32 reinsurance brokers, 66 loss adjusters, 1 underwriter, 15 actuaries and 42 An insurance consultant and 15 insurance business management companies, in addition to renewing the license of 12 banks to practice banking insurance business, and granting approval to practice reinsurance business inside the Kingdom for 46 reinsurance brokers residing outside the Kingdom.
On the other hand, the number of complaints related to the various insurance branches submitted to the Insurance Department was 757 complaints during 2017, concentrated in the vehicle insurance branch at 96% compared to 645 complaints during 2016, an increase of 17%. The efforts of the Insurance Department / Ministry of Industry, Trade and Supply For the settlement of 715 complaints during 2017 against 635 complaints during 2016.
The Insurance Dispute Settlement Committee settled 7 complaints in 2017 against five complaints in 2016, while the Commission received eight complaints during 2017 against 5 complaints during 2016.
The Commission for the Management of the Compensation Fund for the Victims of Vehicle Accidents resolved 81 claims during 2017 against the settlement of 97 claims during 2016. The Commission received 138 claims during 2017 for 112 incidents against 131 in 2016, an increase of 5 per cent.
These data indicate that the share of the insurance sector in the volume of trading on the ASE reached 1.13% of the total volume during 2017, while the sector index reached 1953 points at the end of 2017.
