Yehuda Ben-Assayag
Chairman
Michael Kalman
CEO
Operations began in: 1935
Shareholder: Menora Mivtachim Holdings Ltd., a public company traded on the Tel-Aviv Stock Exchange.
About Menora Mivtachim Insurance
Menora Mivtachim Insurance Ltd. is an insurance company that operates in all of the main insurance sectors in Israel – general insurance, life insurance and health insurance, and it is one of the five largest insurance companies in Israel.
The total assets managed by the company, as of March 31, 2018, amounted to approximately NIS 39.9 billion.
The group has a business relations with approximately 1,500 professional and experienced insurance agents, who provide services to the company's customers, throughout Israel.
Development of the company’s business
The company’s parent company, Menora Mivtachim Holdings, was incorporated in Israel (during the British Mandate) and began its operations in 1935, as an authorized representative of Lloyd's in Israel, and since 1939, as an insurance company. In 1963, Menora Mivtachim Group was acquired by the Fishel Frish family, and has been owned by members of the family ever since. In 1998, the parent company’s insurance business was transferred to Menora Mivtachim Insurance Ltd., which was incorporated in 1995 as a private company.
Over the years, the company has gained the reputation of a trustworthy, stable, and established company, which provides its customers professional, reliable and efficient service. This has enabled the company to address a diverse audience and provide it with valuable and reliable solutions. The company's many achievements can be attributed to its professional investment management, which achieves since 1992, on behalf of its profit participating (life insurance) policies, better yields than average, and to the nature of its activities which combines quality products, experienced and highly-skilled professionals, efficient service, and innovative solutions that meet its customers' needs.
The group's main fields of operations:
General Insurance
The sub-sectors included in general insurance sector are - compulsory motor of bodily injury insurance, motor property damage insurance, liability insurance, property insurance.
Below are descriptions of these insurance products -
- Compulsory Motor of Bodily Injury Insurance, is a mandatory insurance, which includes coverage for bodily injury caused as a result of the use of a motor vehicle. By law, every owner of a motor vehicle is required to buy this insurance.
- Motor Property Damage Insurance, which includes coverage for property damage (theft damges, natural disasters damges, accidental damages, ect,) including third party damage caused by insured automobiles.
- Liability Insurance, which includes, inter alia, Employers’ Liability insurance, Professional Indemnity, Directors’ and Officers’ Liability, Third Party Liability, Product Liability.
- Property Insurance, which includes, inter alia, insurance for residential apartments, commercial businesses, aviation and marine insurance.
Life Insurance
This field of operation includes life insurance activities, including management of savings funds, pension savings and coverage for insured events that derive from various risks during the individual’s life course, such as death, disability and loss of work capacity. In addition, the company offers a variety of special products for the "Golden Age" population.
The total assets managed in the life insurance sector by Menora Mivtachim Insurance, as of March 31, 2018, amounted to approximately NIS 32.4 billion. The total premiums for insurance contracts and life insurance investment contracts in the first three months of 2018, amounted to approximately NIS 1.3 billion.
Health Insurance
The main health insurance policies include long-term health insurance, including illness and hospitalization insurance, dental insurance, long-term care insurance and serious diseases insurance. The insurance is issued for individuals and groups. This sector also covers most of the various short-term health insurance policies, such as: sick pay insurance, travel insurance and foreign worker and tourist insurance.
In addition, the company holds Orot Life Insurance Agency (2005) Ltd., as shown in the holding diagram of the company. This agency provides service in life insurance, long-term savings and health insurance, sectors and acts as a retirement arrangement agency (for employers and their employees).
