Israel Life & Non-Life InsuranceCompanies (2024 - 2029)

Israel Life & Non-Life Insurance Market Companies Summary

The global health and economic crisis caused by the COVID-19 pandemic is expected to impact insurance firms. These businesses are likely to encounter changes in the demand for insurance policies and claims experience, as well as impacts on the value of the assets they hold to meet their obligations to policyholders. In response to this, the Israeli insurance regulator has introduced measures to increase transparency in insurance products. These measures include the requirement for insurers to disclose monthly information regarding insurance programs and any updates to rates. The regulator has also set out to increase competition between firms by reducing the capital requirement for digital insurers. The Israeli insurance market is expected to remain highly competitive, leading to the development of innovative new products and an increase in sales of direct insurance. The growth of insurtech in Israel is also noteworthy, with insurance firms exploring ways to digitalize various aspects of their operations. This includes the sale of policies, underwriting information, and handling of claims. Due to the increasing competition, digital search engines are being used to compare the terms and costs of insurance offered by competing firms, providing consumers with tools to find the most suitable insurance. The fintech sector in Israel has also seen significant growth, with a number of firms raising substantial funding. The public markets have also seen a number of fintech firms going public through IPO mergers.