Lebanon: Budding interest in home insurance in wake of Turkish earthquakes
Source: Middle East Insurance Review | Apr 2023
The interest of some Lebanese in home insurance has risen, leading to an increase in the demand for such coverage recently, in the wake of the February earthquakes in Turkiye and Syria, with tremors felt too in Lebanon.
Sources in the insurance sector noted that “insurance companies have been receiving requests and calls to inquire about home insurance policies and everything related to the method of payment,” reported Sky News Arabia.
Insurance players said that they had previously not seen a clear direction toward home insurance policies against earthquakes, perhaps because of the difficult economic situation in the country, and the insurance coverage, which is voluntary, would place an additional burden on the Lebanese. But now, insurers are beginning to see that earthquake cover has become a priority for a segment of the population.
The home insurance segment in Lebanon is one of the marginalised branches of business, as life and car insurance policies are given priority.
An executive in the insurance sector said that the home property insurance branch has now been revived, despite the decline that affected it due to the cessation of housing loans amidst Lebanon’s economic and financial problems. The branch saw a spike in interest after the 4 August Beirut Port explosion in 2020, as a result of the material losses caused by the blast to surrounding homes. M