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2 TABLE OF CONTENTS 1. Israel Insurance Market Introduction and Size by Gross Written Premiums, Israel Insurance Market Segmentation by Life and Non-Life, Israel Life Insurance Market 3.1. Israel Life Insurance Market Introduction and Size, Market Share of Major Players in Israel Life Insurance Market, Future Projections for Israel Life Insurance Market, Israel Non-Life Insurance Market 4.1. Israel Non-Life Insurance Market Size, Israel Non-Life Insurance Market Segmentation, Market Share of Major Players in Israel Non-Life Insurance Market, Future Projections for Israel Non-Life Insurance Market, Israel Motor Vehicle Property Insurance Market 5.1. Israel Motor Vehicle Property Insurance Market Introduction and Size, Future Projections for Israel Motor Vehicle Property Insurance Market, Israel Motor Vehicle Compulsory Insurance Market 6.1. Israel Motor Vehicle Compulsory Insurance Market Introduction and Size, Market Share of Major Players in Israel Motor Insurance Market, 2010 and Future Projections for Israel Motor Vehicle Compulsory Insurance Market, Israel Health and Hospitalization Insurance Market 7.1. Israel Health and Hospitalization Insurance Market Introduction and Size, Market Share of Major Players in Israel Health and Hospitalization Insurance Market, 2010 and Future Projections for Israel Health and Hospitalization Insurance Market, Israel Loss of Property and Comprehensive Business Insurance Market 8.1. Israel Loss of Property and Comprehensive Business Insurance Market Introduction and Size,

3 8.2. Market Share of Major Players in Israel Loss of Property Insurance Market, 2010 and Future Projections for Israel Loss of Property and Comprehensive Business Insurance Market, Israel Comprehensive Flats Insurance Market 9.1. Israel Comprehensive Flats Insurance Market Introduction and Size, Future Projections for Israel Comprehensive Flats Insurance Market, Israel Personal Accidents Insurance Market Israel Personal Accidents Insurance Market Introduction and Size, Market Share of Major Players in Israel Personal Accident Insurance Market, 2010 and Future Projections for Israel Personal Accidents Insurance Market, Israel Employers Liability Insurance Market Israel Employers Liability Insurance Market Size and Future Projections, Israel Engineering Insurance Market Israel Engineering Insurance Market Introduction and Size, Israel Mortgage Banks Insurance Market Israel Mortgage Banks Insurance Market Size and Future Projections, Israel Marine Freight Insurance Market Israel Marine Freight Insurance Market Introduction and Size, Future Projections for Israel Marine Freight Insurance Market, Israel Aircraft & Vessel Insurance Market Israel Aircraft & Vessel Insurance Market Introduction and Size, Future Projections for Israel Aircraft & Vessel Insurance Market, Israel Other Liabilities and Risks Insurance Market Israel Other Liabilities and Risks Insurance Market Introduction and Size, Government Regulations in Israel Insurance Market 18. Israel Insurance Market Future Outlook and Projections,

4 19. Company Profiles of Major Players in Israel Insurance Market 20. Macroeconomic Factors Population, Healthcare Expenditure, GDP at Current Prices, Number of Motor Vehicles In-use, Government Outlay on Housing and Community Amenities, Appendix Market Definition Abbreviations Research Methodology Data Collection Methods Approach Variables (Dependent and Independent) Multi Factor Based Sensitivity Model Final Conclusion Disclaimer 4

5 LIST OF FIGURES Figure 1: Israel Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 2: Israel Insurance Market Segmentation by Life and Non-Life on the basis of Gross Witten Premiums in Percentage, Figure 3: Israel Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 4: Israel Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 5: Israel Non-Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 6: Israel Non-Life Insurance Market Segmentation on the basis of Gross Written Premiums in Percentage, Figure 7: Israel Non-Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 8: Israel Motor Vehicle Property Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 9: Israel Motor Vehicle Property Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 10: Israel Motor Vehicle Compulsory Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 12: Israel Motor Vehicle Compulsory Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 13: Israel Health and Hospitalization Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 15: Israel Health and Hospitalization Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 16: Israel Loss of Property and Comprehensive Business Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 18: Israel Loss of Property and Comprehensive Business Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million,

6 Figure 19: Israel Comprehensive Flats Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 20: Israel Comprehensive Flats Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 21: Israel Personal Accidents Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 23: Israel Personal Accidents Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 24: Israel Employers Liability Insurance Market Size and Future Projections on the basis of Gross Written Premiums in USD Million, Figure 25: Israel Engineering Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 26: Israel Mortgage Banks Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 27: Israel Marine Freight Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 28: Israel Marine Freight Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 29: Israel Aircraft and Vessel Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 30: Israel Aircraft and Vessel Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 31: Israel Other Liabilities and Risks Insurance Market Size on the basis of Gross Written Premiums in USD Million, Figure 32: Israel Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, Figure 33: Israel Population in Million, Figure 34: Israel Healthcare Expenditure in USD Million, Figure 35: Israel GDP at Current Prices in USD Million, Figure 36: Israel Number of Motor Vehicles In-use in Million, Figure 37: Government Outlay on Housing and Community Amenities in USD Million,

7 LIST OF TABLES Table 1: Market Share of Major Players in Israel Life Insurance Market on the Basis of Gross Written Premiums in Percentage, Table 2: Gross Written Premiums by Major Players in Israel Life Insurance Market in USD Million, Table 3: Market Share of Major Players in Israel Non-Life Insurance Market on the Basis of Gross Written Premiums in Percentage, Table 4: Gross Written Premiums by Major Players in Israel Non-Life Insurance Market in USD Million, Table 5: Market Share of Major Players in Israel Motor Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Table 6: Gross Written Premiums by Major Players in Israel Motor Insurance Market in USD Million, 2010 and 2012 Table 7: Market Share of Major Players in Israel Health and Hospitalization Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Table 8: Gross Written Premiums by Major Players in Israel Health and Hospitalization Insurance Market in USD Million, 2010 and 2012 Table 9: Market Share of Major Players in Israel Loss of Property Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Table 10: Gross Written Premiums by Major Players in Israel Loss of Property Insurance Market in USD Million, 2010 and 2012 Table 11: Market Share of Major Players in Israel Personal Accident Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Table 12: Gross Written Premiums by Major Players in Israel Personal Accident Insurance Market in USD Million, 2010 and 2012 Table 13: Competitive Landscape of Major Players in Israel Insurance Market Table 14: Gross Premiums Underwritten by Major Players in Israel Insurance Market in USD Million, Table 15: Profit (Loss) Before Tax of the Major Players in Israel Insurance Market in USD Million, Table 16: Correlation Matrix for Motor Vehicle Property Insurance Market 7

8 Table 17: Regression Coefficients Output 8

9 ISRAEL INSURANCE MARKET INTRODUCTION AND SIZE BY GROSS WRITTEN PREMIUMS, With total insurance premium of USD ~ million in 2012, the Israeli insurance market is significant in absolute terms as well as percentage of GDP. The insurance penetration in the country is comparable with number of OECD countries. The high insurance penetration indicates that the insurance premiums are significant part of the country s economic activity Figure: Israel Insurance Market Size on the basis of Gross Written Premiums in USD Million, , , , ,879.3 USD Million 8, , , , P ISRAEL INSURANCE MARKET SEGMENTATION BY LIFE AND NON-LIFE, The insurance market of Israel can be classified into life and non-life insurance as two broad segments. The market is dominated by life insurance which represented ~% of the gross premiums underwritten in the country in the year Non-life insurance on the other hand accounted for ~% of the insurance business in Israel in the same year. The contribution of the life insurance segment in the insurance market of Israel has increased significantly during

10 Figure: Israel Insurance Market Segmentation by Life and Non-Life on the basis of Gross Witten Premiums in Percentage, % 90.0% Percentage 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 50.8% 50.0% Life Non-Life MARKET SHARE OF MAJOR PLAYERS IN ISRAEL LIFE INSURANCE MARKET, Israel life insurance market is dominated by Migdal which contributes ~% to the segment in terms of gross written premiums. This is followed by Clal which has a share of ~%. Phoenix is the third largest player and accounts for ~% of the life premiums generated in the country. Harel and Menora Mivtachim are the fourth and fifth largest players with a contribution of ~% and ~% respectively to the total life insurance premiums underwritten in the country 10

11 Table: Market Shares of Major Players in Israel Life Insurance Market on the Basis of Gross Written Premiums in Percentage, Companies Migdal Clal 22.1% The Phoenix Harel Menora Mivtachim 8.2% Clal Health Dykla I.L.D 1.9% Ayalon Eliahu I.D.I A.I.G Shirbit FUTURE PROJECTIONS FOR ISRAEL NON-LIFE INSURANCE MARKET, In the base case scenario, the non-life insurance market of Israel is projected to grow at a CAGR of ~% during where the non-life premiums underwritten are projected to reach USD ~ million in 2017 from USD ~ million in The major drivers in this case would be growing population, financial stability of the country and stable regulatory scenario. The population of the country is estimated to continue to grow consistently year-on-year at around 2.2% until 2017 leading to subsequent surge in demand for various non-life insurance products 11

12 Figure: Israel Non-Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, , , ,000.0 USD Million 6, , , Worst Base Best ISRAEL MOTOR VEHICLE COMPULSORY INSURANCE MARKET ISRAEL MOTOR VEHICLE COMPULSORY INSURANCE MARKET INTRODUCTION AND SIZE, The premiums for this segment have consistently grown positively during , except for 2010, when the premiums for this segment dropped by 7.1%. The gross premiums generated from motor vehicle compulsory insurance in Israel have grown at a CAGR of ~% during where the underwritten premiums have increased from USD ~ million in 2007 to USD ~ million in

13 Figure: Israel Motor Vehicle Compulsory Insurance Market Size on the basis of Gross Written Premiums in USD Million, , ,200.0 USD Million 1, , , , , P MARKET SHARE OF MAJOR PLAYERS IN ISRAEL MOTOR INSURANCE MARKET, 2010 AND 2012 The motor insurance market of Israel is dominated by Harel which accounted for ~% of the premiums generated in the segment in Menora is the second largest player with a contribution of ~% in the same year. Clal holds the third position and contributed ~% to the motor insurance market of the country Table: Market Shares of Major Players in Israel Motor Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Companies Harel Menora Clal 12.8% Phoenix Migdal Others 38.6% 13

14 ISRAEL HEALTH AND HOSPITALIZATION INSURANCE MARKET MARKET SHARE OF MAJOR PLAYERS IN ISRAEL HEALTH AND HOSPITALIZATION INSURANCE MARKET, 2010 The health and hospitalization insurance market of Israel consists of Harel, Phoenix, Clal, Migdal and Menora as major players. Harel is the largest player with a market share of ~% of the total premiums generated in this segment as of This is followed by Phoenix which accounted for ~% of the gross premiums in Clal holds the third position which had a share of ~% in the total health and hospitalization premiums underwritten in the country in the same year. Migdal and Menora are the fourth and fifth largest players with a share of ~% and ~% respectively. The remaining ~% is contributed by other small players in the country. Table: Market Share of Major Players in Israel Health and Hospitalization Insurance Market on the basis of Gross Written Premiums in Percentage, 2010 and 2012 Companies Harel Phoenix Clal 18.4% Migdal Menora Others 1.0% 14

15 FUTURE PROJECTIONS FOR ISRAEL HEALTH AND HOSPITALIZATION INSURANCE MARKET, The insurance companies in the country are estimated to underwrite USD ~ million worth of gross premiums for the health and hospitalization segment in 2017 as compared to USD ~ million of premiums underwritten in 2012 in this segment. Therefore, the market for health and hospitalization insurance in Israel is estimated to expand at a CAGR of ~% during Figure: Israel Health and Hospitalization Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, ,000.0 USD Million 1, , , , , , Table: Gross Premiums Underwritten by Major Players in Israel Insurance Market in USD Million, Company Harel 1,609.0 Eliahu Migdal A.I.G The Phoenix 15

16 Menora Mivtachim I.D.I Dykla Shomera I.L.D Bituach Haklai Clal Health Shirbit Ayalon Clal Shlomo Table: Profit (Loss) Before Tax of the Major Players in Israel Insurance Market in USD Million, Company Harel Eliahu Migdal A.I.G The Phoenix Menora Mivtachim I.D.I 26.8 Dykla Shomera I.L.D Bituach Haklai Clal Health Shirbit Ayalon

17 Clal -0.4 Shlomo 17

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