Lebanon - Insurance mart sees 4% 1H premium growth to $830 mln
Source: Middle East Insurance Review | Nov 2016
Insurance premiums in Lebanon rose by 4% to US$830 million in first half of 2016, while claims and benefits shot up by 17% to $428 million, compared to the corresponding six months in 2015 according to figures released by the Association of Insurance Companies in Lebanon (ACAL).
The medical insurance segment saw premiums totalling $279.7 million in the first half of 2016 and accounted for 33.7% of the insurance sector’s aggregate premiums. It was followed by life insurance with premiums of $236 million (28.4%); motor with premiums of $175.1 million (21.1%), and fire insurance with premiums of $60 million (7.2%), reported Lebanon This Week published by the Economic Research and Analysis Department of Byblos Bank, citing the ACAL data.
The report shows that life premiums grew by 7% in the first half of 2016, posting the largest increase among all categories, followed by motor premiums (+6%), and premiums from other categories and medical premiums (+4% each). ACAL noted that medical premiums covering Lebanese citizens grew by 4% to $272.5 million in the first half of 2016, while premiums covering expatriates increased by 10% annually to $7.2 million. Also, it indicated that non-compulsory motor insurance premiums increased by 6% to $146.1 million in the first half of 2016, while compulsory motor insurance premiums improved by 12% to $29 million.
In contrast, cargo premiums declined by 15% in the first half of the year, posting the steepest drop among all segments, followed by engineering premiums (-13%), fire premiums and workmen compensation (-3% each), and public liability premiums (-1%).