Financial Statements of Israeli Insurance Companies 2001

Insurance coverage is provided in Israel via Israeli insurance companies, foreign insurance companies and authorized Lloyd's underwriters. Approximately 98% of the premium volume is for business placed in the Israel insurance companies. There are 29 Israeli insurance companies; however, the market is dominated by several large insurance groups. The insurance groups represent 95.4% of the life insurance premium and 75.6 % of the non life insurance premiums

The insurance companies can be divided into the following groups

• Migdal group-Migdal and Hamagen
  
• Clal group-Clal Insurance, Aryeh, Clal Credit Insurance (Ilit merged with Aryeh in 2001)
• Phoenix group-The Israeli Phoenix, Hadar (Dolev and Noga merged with Hadar in 2000)
• Menorah group-Menorah (Manulife with Menorah in 2001)
• Harel group-Shiloah, Sahar-Zion (formerly Sahar), Dikla, Ishpuz (Zion's book of business was split between Shiloah (life insurance) and Sahar (non life insurance)
• Direct insurance companies-Direct Insurance, A.I.G (Personal Direct was merged with Direct Insuance in 2001)
• State-owned companies-Israel Foreign Trade Risks Insurance Company (IFTRIC)(The company's credit insurance was split off into a separate company which was privatized ) , Inbal, and Natural Disasters Fund in Agriculture
• Other companies-Avner, Karnit, Continental, Ayalon, Eliahu, Agricultural Insurance,Israel Land Development , Assure, B.S.S.CH -Israel Credit Insurance Company, Ezer, Shomera, Shirbit.

The financial statements include comparative data for the current and prior year; The Excel file contain selected financial data from the December 31,2001 financial statements as reported to the Commissioner of Insurance. The workbook contains summary worksheets on a consolidated basis for the balance sheets, profit and loss statments, life insurance operations, non-life insurance operations, details of assets and liabilities and operations by line of business for non-life business.

In additions there separate worksheets by company for 2001 and 2000 for he balance sheets, profit and loss statments, life insurance operations, non-life insurance operations (The sum of the individual companies is greater than the summary totals because of intercompany transactions).

The amounts are in thousands of New Israel Shekels (NIS). For comparative purposes, all the financial statements are based on the same index (the known Consumer Price Index for December 2001 ).
Additional information:

• Avner is private insurance company which initially functioned as a co-insurer of 70% the automobile liability insurance sold in Israel. As part of the reform of the compulsory no-fault automible market the co-insurance percentage is being phased out . It was changed in 1998 to 50% with further reductions in subsequent years to a level of 30% in 2001.
• Karniet, is as a guarantee fund for motor vehicle liability insurance providing protection for uninsured motorists and claim payments in the event a company becomes insolvent. It is currently receiving 4.3 % of the premiums paid by the public for automobile liability insurance.

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