Israel an attractive market for insurers says Levene

With steady annual growth of its insurance market from premiums of $3.3bn in 2005 to $4.1bn four years later, and a reinsurance market of $410m, Israel presents an attractive open market for insurers with no legal barriers to entry.

The Israeli insurance market is characterised by large market firms, with the top 5 insurers accounting for around 65% of non-life market premiums. While there is currently little foreign involvement in the insurance market, foreign non-life plays a significant role in reinsurance. In 2008, slightly over half of Lloyd’s premiums in the country came from direct insurance with 48% coming from reinsurance.

Memorial fund
While in Israel Lord Levene took the opportunity to announce the creation of a scholarship fund set up in the name of Jonathan Gross, a much-missed representative in Israel who died unexpectedly last year.

The fund, created from contributions raised by individuals and companies in the market, aims to strengthen the relationship between the Israeli insurance market and Lloyd’s. It is open to active members of the Israeli market, two of whom will be chosen each year to benefit from an extensive two-week programme based at Lloyd’s in London.

Lloyd’s Israel representative formally welcomed
Lord Levene also welcomed Jonathan’s successor, Sigal Schlimoff. Sigal is a partner at the firm of Gross, Orad, Schlimoff and Co, and recognised as a specialist in insurance and reinsurance both in Israel and internationally.

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