Lebanon: Non-life premiums grew 2.3% to $1.1 bln in 2017
Source: Middle East Insurance Review | Apr 2018
Total non-life premiums generated by 44 insurers in Lebanon reached US$1.12 billion in 2017, constituting an increase of 2.3% over 2016.
The growth rate was slower than the 3% in 2016 and the 2.4% in 2015, according to Lebanon This Week published by Byblos Bank.
The top-10 insurers accounted for 64% of the non-life market in 2017 compared to 64.5% in 2016 and 64.8% in 2015. The aggregate non-life premiums of the top-10 insurers reached $715.1 million in 2017, compared to $704.2 million in 2016 and $686.7 million in 2015.
The top-10 non-life insurers last year by premiums, in descending order, were: Bankers Assurance; MedGulf; AXA Middle East; Allianz SNA; Fidelity; Libano Suisse; LIA; Arope; Group Med; and Assurex.
The composition of the top-10 insurers changed from 2016, as the rank of Al Mashrek fell by two spots to 12th place and that of Assurex improved by two spots to 10th place. In addition, eight of the top-10 insurers posted increases in their non-life premiums last year, while that of MedGulf and Libano-Suisse declined. M