Tracing the evolution of Palestinian insurance

Abstract

The evolution of Palestinian insurance has been shaped by complex socio-political, economic, and historical factors that reflect the broader context of the region. This study traces the development of the Palestinian insurance sector, examining its origins, growth, challenges, and contributions to the socio-economic stability of Palestinian society. The insurance industry in Palestine has faced unique challenges, including political instability, military occupations, limited infrastructure, and regulatory uncertainties. Despite these hurdles, the sector has made significant strides, with key milestones in both life and non-life insurance markets. The paper explores the role of insurance companies in providing risk management, financial security, and promoting social welfare. Moreover, it analyzes the impact of Palestinian insurance on local economic resilience and the integration of Palestinian businesses into the global economy. This research highlights how, through innovation and adaptation, the Palestinian insurance sector has managed to survive and evolve amidst adversity, serving as both an economic tool and a symbol of resilience in a region characterized by ongoing conflict and uncertainty.