Like other sectors and institutions in Lebanon, insurance companies are suffering from the repercussions of the economic crisis, the collapse of the national currency, and the multiple exchange rates between the official one set by the Central Bank of Lebanon and the prevailing effective market rate
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.