Even if you pay a health insurance company and receive a card that covers you 100% in and out of the hospital in US dollars, you may not be able to undergo a simple medical test without paying for it yourself due to the rampant chaos in this sector.
The Association of Insurance Companies in Lebanon (ACAL) has elected a new board, with Mr Elie Nasnas, general manager of AXA Middle East as chairman of the association
The Lebanese are stocking their cash inside their homes or companies due their lack of trust in the country’s banking system.
More than 14,700 insurance claims for damages resulting from the Port of Beirut explosion have been reported by November 6 with a total value of LL1.66 trillion ($1.1 billion at the official exchange rate of LL1,507), according to a report by the Insurance Control Commission (ICC).
Owners of damaged homes and businesses are still waiting for insurance companies to pay compensation three months after August 4 explosion
Conflict between businesses and insurance companies concerning responsibility for damages from the 4 August Beirut port explosion has erupted into the open, pushing a major trade chamber to engage a complaint handling specialist to negotiate between the two sides.
The only obstacle to paying all the insurance claims resulting from the unfortunate 4 August blast at the Beirut port is that there has been no release yet of the report on the investigation into the explosion
Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
All the insurance companies in the country will fully cover policyholders that are being treated for coronavirus infection, said Elie Torbey Chairman of the Association of Insurance Companies (ACAL).