Israel presents insurance opportunities
June 25, 2011 by Timothy Wilkes · Leave a Comment
Lord Levene, the chairman of Lloyd’s, has praised Israel as an attractive prospect for insurers.
Lord Levene’s comments, made during a visit to Tel Aviv, are borne out by the figures which show steady, consistent growth from an industry worth $3.3bn in 2005 to $4.1bn in 2009.
The insurance sector in Israel is led by large market firms, with a quintet of insurers accounting for 65% of non-life market premiums.
Presently there is little foreign involvement, but the market is open and there are no legal barriers to entry.
During his visit Lord Levene announced the establishment of a scholarship fund set up in the name of Jonathan Gross, an Israeli representative who died suddenly in 2010.
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