Impact of Covid-19 on Jordanian insurers

The Jordanian Insurance Federation (JIF) has published a report entitled "The Impact of the Novel Coronavirus (COVID-19) Pandemic on the Performance of Insurance Companies Operating in Jordan from the Perspective of General Managers and Chief Executives of Jordanian Insurance Companies".

The study covered four components: financial, technical, technological and human.

The results show that the financial performance of the 24 insurance companies operating in Jordan are strongly affected by the pandemic. The relationship between insurers and reinsurers in terms of price and coverage is also affected due to exposure to insured losses.

The decline in underwriting during the health crisis is negatively impacting the technical side of the market.

Regarding technology, results remain positive thanks to remote working and the implementation of means to combat cyber-attacks.

From a human point of view, the impact of the coronavirus is also positive owing to the implementation of prevention and protection measures against Covid-19.