Lebanon: Combined net profit of insurers surged nearly 20% in 2017

Source: Middle East Insurance Review | Oct 2018

Insurers saw their combined net profit increase by 19.7% to $167m in 2017, according to the annual report published by the Insurance Control Commission (ICC), attached to the Ministry of the Economy and Trade.

The total value of premiums collected reached $1.52bn, a decrease of 3.1% from 2016. As for claims and benefits, insurers paid a total of $902m in 2017, an increase of 1.2% over 2016.

According to a statement from the ICC, the 2017 annual report was published “well in advance compared to previous years, following insistent requests from a number of stakeholders, so that analyses of results and trends can be carried out earlier in the year”. The ICC stated that some insurers did not manage to submit the required documents in time because of this change in schedule.

In May, figures from the Association of Insurance Companies in Lebanon (ACAL) showed that total premiums collected by the insurance sector grew by 4% in 2017 to $1.63bn. M

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