Lebanon - Independent brokers generate $234 mln in premiums in 2015
Source: Middle East Insurance Review | Nov 2016
The total premiums generated by independent brokers operating across Lebanon reached US$234.3 million in 2015, constituting an increase of 7.6% from $217.8 million in 2014.
The figures cover premiums generated by 91 active independent brokers in the market, reported Byblos Bank’s Economic Research & Analysis Department in its Lebanon This Week publication, citing an annual survey by Al-Bayan magazine. Thus, the figures excluded premiums generated by brokers affiliated with commercial banks and those who operate exclusively for a specific insurance company.
The 91 independent brokers contributed 15.3% of total premiums written in 2015 by the insurance industry, compared to 14.7% of the total in 2014.
Cape Insurance Broker stood in first place with $25 million in premiums generated last year, followed by Gras Savoye with $20.4 million; and Insurance Consultancy & Risk Assessment (ACAIR) and Agence Générale de Courtage d’Assurances (AGCA) with $15 million each. Nassif Assurances was in fifth place with $14.7 million.
The top 10 insurance brokers generated $123.9 million in premiums last year and accounted for 52.9% of the total. Further, 39 brokers generated more than $1 million in premiums, 20 brokers had premiums ranging from $0.5-1 million, and the remaining 32 brokers posted premiums of less than $0.5 million each.
Consolidated Brokers posted a 66.7% rise in premiums, the highest growth among brokers year-on-year, and ranked in 57th place in the 2015 survey.