A heated conflict has erupted between the Syndicate of Hospital Owners in Lebanon and the Association of Insurance Companies. The Syndicate of Hospital Owners in Lebanon, led by Sleiman Haroun, has announced that, starting February 2, 2025, hospitals will increase the rates agreed upon with insurance companies by 15%.
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
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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.
The insurance sector has recorded declines of 25 percent in sales of non-life insurance premiums and 43.7 percent in sales of life insurance policies since 2019.
Even if you pay a health insurance company and receive a card that covers you 100% in and out of the hospital in US dollars, you may not be able to undergo a simple medical test without paying for it yourself due to the rampant chaos in this sector.
Around 15 percent of Lebanese no longer have insurance on their cars in 2023, according to the head of the insurance companies’ union in Lebanon.
Lebanon’s inflation more than doubled in January, as rising living costs continued to impact consumers and businesses.
“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 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
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
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