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AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Arabia Insurance Company s.a.l. (AIC) (Lebanon). The outlook of these Credit Ratings (ratings) is negative.

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