Lebanon: Insurance business growth remains flat in 1H
Source: Middle East Insurance Review | Dec 2017
Growth in Lebanon’s insurance industry in the first half of this year was flat, with premiums rising by 1% to US$845.7 million, according to figures published by the Association of Insurance Companies in Lebanon (ACAL).
Non-life and life premiums represented 72% and 28% of the total market share in the first half of 2017, respectively, compared to 69.3% and 30.7% at the end of 2016.
Medical premiums totalled $288.9 million in the first half of 2017 and accounted for 34.2% of the sector’s aggregate premiums. Life insurance, with premiums of $236.7 million, was ranked second with 28% market share, followed by motor with $179.6 million (21.2%), fire with $59.3 million (7%), workmen’s compensation with $28.4 million (3.4%), cargo with $16.9 million (2%), public liability with $9.4 million (1.1%), engineering with $5.3 million (0.6%), and other categories with $21 million (2.5%).
Performance across all lines of business was lacklustre, with medical and cargo each reporting 2% increase, while life and workmen compensation registered growth of 1% and 0%, respectively. Both motor and fire insurance saw premiums down by 2% and 1%.
The report showed that total benefits and claims paid by insurers stood at $477.4 million in the first half of 2017, up 11% compared to the same period last year. M