The Palestinian insurance market is governed by a few insurers who dominate the market and provide all insurance services. The most common insurances offered by these companies are vehicle insurance, worker insurance, health insurance, civi l liability insurance, fire insurance, engineering insurance, life insurance, and other general insurance. The scope for new market entrants is unfavorable since the market is small and there is no climate for growth and development of the insurance sector in Palestine. But many initiatives have been undertaken to open more opportunities for insurers by introducing innovative products like medical liability insurance. The challenges faced by the market include lack of awareness about insurance and uncompetitive motor insurance products.
According to the study The Insurance Industry in Palestine, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Palestinian economy and demographics and details on the competitive landscape in Palestine. The report gives a detailed analysis on the natural hazards in the market, distribution channels and the regulatory policy prevailing in Palestine, along with market forecasts till 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Palestine and profiles the top insurance companies in the country, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Palestinian insurance market are Trust international insurance, National insurance, Global united insurance, Al-Takaful insurance, Al-Ahleia insurance group, Al-Mashreq insurance, Palestine insurance, American life insurance-ALICO, and Palestine mortgage insurance fund.
Of recently, in the life insurance segment, many hospitals stopped receiving patients due to the fault in their insurer’s payments. Many medical practitioners also raised concerns against getting the insurer’s approval for most of the highly specialized procedures since the acceptance or denial of these procedures is mostly given by insurers with inadequate medical knowledge. Hospitals also raised their voices against insurers on the increase all hospitalization charges without taking into account the potential of the hospital. However, insurers point out the loses faced by them due to inexperienced practitioners. This boycotting of insurers has given a wakeup call to improve the quality of the insurance products. Travel insurances in Palestine for tourists mostly provide for limited travel and accident insurances. These policies include insurance against theft, loss, and health, while many of them explicitly exclude activities like diving, scuba, trekking and other adventurous sports. Travel insurance is a part of the insurance sector that is rising in importance and quality.
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Ankur Gupta, Head Marketing & Communications