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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).

Owners of damaged homes and businesses are still waiting for insurance companies to pay compensation three months after August 4 explosion

Caretaker Health Minister Hamad Hasan tried to reassure anxious Lebanese Thursday that the price of hospital fees and medicines would not increase, as the head of the Private Hospitals Syndicate warned that hospitals would soon adjust their pricing of the dollar.