THE MAJOR FACTORS AFFECTING THE GROWTH AND DEVELOPMENT OF THE INSURANCE INDUSTRY: EVIDENCE FORM JORDAN

The main purpose of this theoretical paper is to clarify the issues facing the insurance sector in Jordan and offer long-term, up-to-date suggestions to foster its expansion. The paper's key findings highlight the sector's primary issues and illustrate its expansion and growth trajectory in Jordan over the period from 2016 to 2023. According to the paper's findings, the three biggest challenges presently plaguing the insurance sector are those related to automobile insurance, the Central Bank of Jordan's regulations, and accounting-auditing standards. The paper confirmed the necessity of understating mandatory insurance, market size, population, competition, inflation, fragmentation, cost, and supply and demand as the main factors affecting the sector's growth. On the other hand, the paper recommended that the CEOs of insurance companies should take into account other sides, though, like managing the risks, keeping up with compliance and regulatory developments, ensuring that the company's strategies are robust and transparent, and training their staff, especially those who are not familiar with new standards and regulations like the CBJ regulations and IFR standards.