Lebanon: Non-life sector posts first annual decline in premiums
Source: Middle East Insurance Review | Apr 2020
Total non-life premiums generated by 44 insurers in Lebanon reached $1.13bn in 2019, down by 3.4% from $1.17bn in 2018, constituting the first annual decline on record.
In comparison, non-life premiums grew 3.4% in 2018, 2.3% in 2017 and 3.1% in 2016, according to a report by the Economic Research & Analysis Department of Byblos Bank.
The decline in non-life premiums last year reflects the reduced ability of policyholders to pay their premiums, and the difficulties facing insurers in transferring premiums to international reinsurers. MAINS Insurance, Trust Insurance and Liberty Insurance suspended their operations last year.
Bankers Assurance was ranked first in Lebanon by premiums with $110m in non-life premiums in 2019 among 44 general insurers, according to an annual survey by Al Bayan. Fidelity Assurance & Reinsurance with $94m in non-life premiums and Allianz SNA with $82.6m, rounded up the top three.
The top 10 insurers accounted for 64.7% of the non-life market in 2019, compared to 63.8% in 2018 and 64% in 2017. In addition, six out of the top 10 insurers posted declines in their non-life premiums last year, while the premiums of the remaining four insurers increased in 2019.
The composition of the top 10 insurers was unchanged from 2018, but among them, rankings have changed for some between 2019 and 2018. M