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.
Lebanese insurance companies are refusing to compensate for damages caused by last year’s explosion at the Beirut port, pending investigation results.
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
The Lebanese are stocking their cash inside their homes or companies due their lack of trust in the country’s banking system.
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 with minimum 40 million LBP during their stay in Lebanon.
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
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