Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
Practically every private household in Lebanon relies on one or other insurance service, beginning with the mandatory protection of motorists under third-party liability insurance or savings schemes offered by life insurers.
All the insurance companies in the country will fully cover policyholders that are being treated for coronavirus infection, said Elie Torbey Chairman of the Association of Insurance Companies (ACAL).
COVID-19, the disease caused by the 2019 Novel Coronavirus is a known and rapidly evolving epidemic that is affecting travel worldwide, with continued spread and impacts expected.
Lebanon has a long history of economic and political instability. In the past, local insurers have been successful at navigating this challenging environment.
The Insurance Control Commission organized an introductory lunch for the Minister of Economy and Trade, HE Mr. Mansour Bteich with the insurance sector.
Lebanon’s nonlife insurance companies saw their total premiums in 2018 rise by 3.4 percent to reach $1.17 billion. According to the annual survey by Al-Bayan magazine, the total nonlife premiums generated by 44 insurance companies reached $1.17 billion in 2018
Minister of Economy and Trade, Raed Khoury, on Wednesday said that the positive political developments in the country reinforce the resilience of the national economy in the face of regional challenges.