Thousands of Lebanese caught in insurance trap after Beirut port blast damage
Owners of damaged homes and businesses are still waiting for insurance companies to pay compensation three months after August 4 explosion
Tag Archives: Insurance Companies
How to get the CORONA VIRUS insurance in Lebanon?
As per Lebanese General Security circular regarding entry of Arab and Foreign visitors or residents required to have negative PCR with basic healthcare insurance cover at least coronavirus treatment expenses
Liberalization of dollar exchange rate at hospitals leaves people dying in their homes in Lebanon
The American University of Beirut Medical Center (AUBMC) has adopted the banks’ approved dollar exchange rate, which is 3,900 Lebanese pounds, in a number of its departments instead of the official exchange rate
Complaint handling specialist engaged to help with Beirut port insurance claims
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.
Insurers await Beirut port investigation report
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 Beirut blast seen around $3 billion
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.
After Beirut Port Explosion, AM Best Comments on Potential Insurance Exposures
The devastating explosion at the Beirut’s port on Tuesday, Aug. 4 caused many casualties and considerable damage, but local insurance penetration rates in Lebanon generally are low, said AM Best in a market commentary.
Hannover Re expects ‘major loss’ from Beirut explosion
German reinsurer Hannover Re SE on Wednesday said it will see a “major loss” from the explosion in Beirut, Lebanon, as it reported net income fell 39.3% to €402 million ($478 million) for the first half of the year.
Arabia Insurance to sell 67% stake
A group of Lebanese and other Arab investors have made a bid to purchase no less than 67% of Arabia Insurance, according to a letter sent to shareholders of the company last week.
Q&A with actuary Ibrahim Muhanna on insurance liabilities amid economic crisis
Practically every private household in Lebanon relies on one or other insurance service, beginning with the mandatory protection of motorists under third-party liability insurance or savings schemes offered by life insurers.
Insurance firms to hike pound rates to current market levels
Lebanon’s insurance companies will change most of their insurance policies to the current pound price rates in the parallel market as the sector reels under the severe economic conditions
Confused outlook on insurance coverage for Lebanese COVID-19 patients
In the immediacy of the coronavirus crisis, the most pertinent insurance question for the holder of a medical policy is simple: Who will pay if I need to be hospitalized?
Ministry of Economy asks insurers to cover COVID-19
Lebanese Minister of Economy, Mr Raoul Nehme, called on insurance companies to cover COVID-19 in their insurance plans, stressing the need for “all parties to play their part in providing appropriate support
All insurance firms will cover coronavirus patients
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).
Ruling on Lebanon debt insurance paves way for $400m payout
Investors in credit insurance on Lebanon are set to receive a payout after a binding ruling from a CDS committee.
Up to roughly $400 million of contracts could pay after the heavily indebted nation failed to honor a $1.2 billion Eurobond due earlier this month.
Lebanese Insurance Market Faces Mounting Uncertainty
Lebanon has a long history of economic and political instability. In the past, local insurers have been successful at navigating this challenging environment.