This report does not constitute a rating action. Israeli insurers will remain stable through 2027. Major multi-line insurers are further expanding into asset management and credit services, using their scale and diversified portfolios to sharpen competitive edges. Despite geopolitical tensions, resilient earnings and strong capitalization underpin our positive outlook for the sector's leading players. We expect the big five in the concentrated Israeli market to sustain their competitive advantages. Cumulatively, Phoenix Insurance Co. (The), Harel Insurance Co. Ltd, Migdal Insurance Company Ltd., Menora Mivtachim Insurance Ltd., and Clal Insurance Co. Ltd account for 78% of gross written premiums in the insurance sector. These groups captured most of the total market premiums in 2025, leveraging diversified portfolios across property and casualty
