D&B Israel still rated Clal Insurance (TASE:CLIS) as the leading insurance company in Israel in 2002 in total premiums. The figures show almost no changes in the 2002 ranking, compared with 2001.
D&B Israel reported that Clal Insurance had $1.477 billion in premiums in 2002, followed by Migdal Insurance (TASE:MGDL), Harel Insurance (TASE:HARL1;HARL5, Israel Phoenix Assurance (TASE:PHOE1), and Sahar-Zion Insurance. The last three companies in the rating were IDI Israel Direct Insurance, AIG Israel, and the Israel Foreign Trade Risks Insurance Corp. (IFTRIC).
The figures for Sahar-Zion, Hadar Insurance, Aryeh Israeli Insurance, and Magen Insurance are consolidated with the results of their parent companies: Harel Insurance, Israel Phoenix, Clal Insurance, and Migdal Insurance, respectively.
In contrast to its ranking by premiums, D&B Israel found that the Migdal group had the highest equity - $427 million, followed by Clal Insurance with $363 million, the Harel group with $233 million, and Israel Phoenix with $173 million. No other insurance company had equity of more than $100 million.
D&B Israel also found that Migdal continued to lead in life insurance, with gross premiums of $1.007 billion, followed by Clal Insurance - $675 million, Israel Phoenix - $483 million, and Harel - $409 million.
Clal Insurance is still the leader in non-life insurance with $802 million in revenue from premiums and fees. Harel was second, with $685 million, followed by Israel Phoenix with $521 million and Migdal with $381 million.
Another D&B Israel finding was that the trend in the insurance industry is still towards further concentration. The four largest groups accounted for 85% of the business in the industry.
Auto theft was down 14% in 2002, compared with 2001. 21,000 vehicles were stolen in 2002, compared with a record of 40,000, before the outbreak of hostilities with the Palestinians in September 2000. The steep drop in auto thefts increased profits in non-life insurance. Business and apartment break-ins decreased by 6% in 2002.
Published by Globes [online] - www.globes.co.il - on May 5, 2003