Lebanon: Premiums grew 5% to $433.5 mln in 1Q
Source: Middle East Insurance Review | Jul 2017
The Lebanese insurance industry generated a total premiums of US$433.5 million in the first quarter of 2017, up 5% compared to the same period last year, according to the latest quarterly report by the Association of Insurance Companies in Lebanon (ACAL). Non-life business dominated the market with 75.7%, compared to 70.2% in the same period a year ago.
Medical premiums reached $167.9 million in the first quarter of 2017 and constituted 38.7% of the sector’s total market share, followed by life premiums at $105.1 million (24.3%), motor at $84.8 million (19.6%), fire at $35.7 million (8.2%), workmen’s compensation at $13.6 million (3.1%), cargo at $7.5 million (1.7%), public liability at $5.1 million (1.2%), and engineering at $3 million (0.7%).
Premiums from other categories amounted to $10.7 million and accounted for 2.5% of the remaining share.
In terms of growth rate, engineering premiums posted the strongest increase of 19% in the first quarter, followed by life (12%) medical (4%), fire (1%), cargo (1%), and motor (1%). Premiums from workmen compensation fell by 2% and those from other categories decreased by 8% in the first quarter of 2017.
The report added that total benefits and claims paid by insurers in the first quarter of 2017 stood at $242.8 million, up 5% from $230.8 million in the same period in 2016.
Benefits and claims paid for the non-life business reached $162.85 million, up 2.2% from $159.3 million in the first quarter of 2016, while claims disbursed for the life business amounted to $79.9 million and grew by 11.8% from the same quarter of 2016. M