Medical care costs are experiencing significant inflation. Major private insurers in the Lebanese market, contacted by This is Beirut, have indicated that their health insurance premiums will increase by about 10% starting July 1st.
According to figures from the Insurance Control Commission under the Ministry of Economy, gross insurance premiums from the 46 insurance companies operating in Lebanon totaled LBP 2,456.4 billion in 2022
Lebanon’s health sector has shown remarkable progress over the past twenty years. Many economic, social, and cultural factors have contributed to this progress; in addition, the ingenuity of the Lebanese society
Lebanon’s inflation more than doubled in January, as rising living costs continued to impact consumers and businesses.
According to A.M. Best Co. Inc., political instability in Lebanon has hindered the implementation of insurance reforms in the country, including new governance guidelines and transition to a risk-based solvency framework, Middle East Insurance Review reported.
“More and more cancer patients tell me that specific medications are not being covered by insurance … while it was previously covered,” said Cherine Bazzane, a family medicine specialist who practices in Clemenceau Medical Center.
The Insurance Control Commission published its “Insurance Sector Quarterly Report”, conveying a 12.39% annual hike in the sector’s gross written premiums to $1,332.33 million during the first nine months of 2021, from $1,185.45 million during that same period in 2020.
Between shortages and skyrocketing prices, a trip to the pharmacy in Lebanon exposes huge inequalities, while a trip to a charity clinic for treatment has become the norm for hundreds of thousands of people.
The total gross written premiums of 46 licensed insurance companies in Lebanon reached $928.8m in the first half of 2021, constituting an increase of 12.1% from $828.8m
mergerOn 27 July 2021, the Insurance Control Commission (ICC) approved the merger between the two Lebanese insurance companies LIA Insurance and Assurex Insurance and Reinsurance.
Of an estimated $1.1bn in insured losses caused by the 4 August 2020 Beirut Port explosion, only about $100m have been paid to date
Lebanese insurance companies are refusing to compensate for damages caused by last year’s explosion at the Beirut port, pending investigation results.
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
Five months on from the devastating Beirut port explosion that killed over 200 people, and injured thousands more, many claimants inquire about the fate of compensations they expect to receive from insurance companies pending the release of an official report on the cause and nature of the blast.
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).