Magazine Table of Contents
The outbreak of COVID-19 has dealt a heavy blow to Lebanon’s socioeconomic conditions, further aggravating its fiscal and economic crisis. The insurance industry is already footing a hefty bill and heading towards a phase of volatility which would undoubtedly alter the face of the market.
Growth of the insurance market in Lebanon saw a setback in 2019 as a result of the deteriorating economic conditions with uncertainty marking the outlook for the coming period.
GlobeMed Group vice president – business development, actuarial & data sciences Ziad Kharma explains how the sector is struggling with the fallout from COVID-19 and what insurers can do to sustain their business.
The Lebanese insurance industry is struggling to manage inflation and maintain proper reinsurance protection, especially when it comes to large claims or catastrophic events. It is time for the industry to unite and find viable solutions to strengthen the market, says Mr Ronald Chidiac of Broktech.