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Exports do not do not cover the imports
Life insurance payments, by class, Labor force of Israel is 3.893 million, with an unemployment
gross premiums (2018) rate of 3.81 percent. 22 percent of Israeli population live below
the poverty line. Total public debt accounts for 60.9 percent of its
3.10% GDP. Israel has an export volume of 104.9 billion USD, and ma-
jor export partners include USA, UK, Hong Kong, China and Bel-
gium who generally import machinery and equipment, software,
26.18% cut diamonds, agricultural products, chemicals, textiles and ap-
parel from Israel. On the other hand, volume of imports stands
out as higher than exports with 116.2 billion USD. The country
70.72% mainly imports raw materials, military equipment, investment
goods, rough diamonds, fuels, grain, and consumer goods from
the US, China, Switzerland, Germany, UK, Belgium, the Nether-
lands and Turkey.
Annuities Unit linked Other life insurance
Insurance market is developing

According to the World Factbook by CIA, Gross Domestic Prod- Israel is among developing countries in terms of its insurance
uct of Israel stands at 394.93 billion USD, while GDP per capita market. According to OECD statistics, gross insurance premiums
stands at 37 thousand 527 USD. Inflation rate is estimated to be continue to increase on a year-on-year basis: 14.3 billion USD in
0.8 percent, while GDP real growth rate is estimated to be 3.28 2014, 14.1 billion USD in 2015, 15.1 billion USD in 2016, 17.4
percent. According to the GDP composition by sector of origin, billion USD in 2017, and 18.5 billion USD in 2018.
agriculture gets the lowest share with 2.4 percent, while services
sector gets the highest share with 69.5 percent. Share of industry According to the Association of Life Insurance Companies of Is-
sector is 26.5 percent. rael LTD, there are 7 insurance companies operating in the life
segment of Israeli insurance market. On the other hand, the Israel
Major agricultural products of Israel include citrus, vegetables, Insurance Association (RA) reports that there are 9 companies
cotton, beef, poultry, and dairy products; while major industries operating in the non-life segment.
are listed as high-technology products (including aviation, com-
munications, computer-aided design and manufactures, medical OECD statistics show that unit-linked products dominate the life
electronics, fiber optics), wood and paper products, potash and insurance segment as of 2018; whereas non-life segment is dom-
phosphates, food, beverages, and tobacco, caustic soda, cement, inated by motor vehicle insurance with a market share of 46 per-
pharmaceuticals, construction, metal products, chemical prod- cent, accident and health insurance with 24 percent, and fire and
ucts, plastics, cut diamonds, textiles, and footwear. other property damage insurance with 14 percent.

Non-life insurance payments, by class, gross premiums (2018)

1.65%

24.60%
46.06%

10.60%

1.56% 14.82%
0.14%
0.57%

Motor vehicle insurance Marine, aviation and other transport insurance
Freight insurance Fire and other property damage insurance
Pecuniart loss insurance General liability insurance
Accident and health insurance Other non-life insurance