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Lebanon’s insurance industry delivered an 8.2% increase in GWP last year amid tough business conditions. However, with no immediately viable solutions to a slew of ongoing issues, particularly the currency crisis and soaring inflation, the outlook for the industry in 2022 looks lacklustre.
Lebanon’s financial crisis has had a profound impact on insurers in the country. Some insurers are writing premiums in US dollars to manage the unstable Lebanese pound. Insurers also face issues paying reinsurers who have become more cautious about working with them. Middle East Insurance Review spoke to AXA’s Mr Joseph Nasnas about the crises burdening general insurers.