Lebanon: Premiums up 6% in 1Q
Source: Middle East Insurance Review | Jul 2015
The insurance industry generated total premiums of US$417.7 million in the first quarter of 2015, up 6% y-o-y, according to figures released by the Association of Insurance Companies in Lebanon (ACAL).
Medical premiums totalled $162.3 million in the first quarter, up 14% y-o-y, and accounted for 39% of the total market share. Life and motor premiums grew by 5% and 1% to reach $102.1 million and $79.0 million, respectively. Fire premiums rose by 2% y-o-y to $37.5 million, representing 9% of the premium volume. Premiums from workman compensation and engineering amounted to $11.7 million and $2.7 million, up 1% and 25%, respectively.
In contrast, cargo premiums fell by 16% y-o-y to $7.2 million and public liability premiums decreased by 1% to $4.8 million.
ACAL’s figures also showed that total claims paid stood at $179.2 million at the end of the first quarter, down 1% from the same period in 2014, while total net investment income grew by 4% y-o-y to $28.8 million.