Gross Premiums Down 4.5% in 2022 in a Year
According to figures from the Insurance Control Commission under the Ministry of Economy, gross insurance premiums from the 46 insurance companies operating in Lebanon totaled LBP 2,456.4 billion in 2022
Tag Archives: Insurance Control Commission
Paying a lot more for much less: The woes of an insurance industry and its clients in a crisis-ridden land
“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.
INSURANCE PREMIUMS IN LEBANON AT $1,332.33 MILLION YTD SEPTEMBER 2021
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.
Lebanon:Insurers see GWP rise by 12% to US$929m in 1H2021
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
Merger between LIA Insurance and Assurex Insurance
mergerOn 27 July 2021, the Insurance Control Commission (ICC) approved the merger between the two Lebanese insurance companies LIA Insurance and Assurex Insurance and Reinsurance.
$1.1 billion in insurance claims are being sought in fresh dollars
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).
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
Q&A with Nadine Habbal, acting head of the Insurance Control Commission
Lebanon’s insurance sector is highly fragmented, featuring extreme competition between small local players, bank-affiliate insurers, providers that are parts of multinational insurance giants, and—outside of the regulated sphere of commercial insurance companies