Lebanon: GWP slip by 4% in 2019
Source: Middle East Insurance Review | May 2020
The GWP of 50 licensed insurers in Lebanon reached $1.61bn in 2019, constituting a decrease of 4% from $1.68bn in 2018, according to a report by the Economic Research & Analysis Department of Byblos Bank citing data released by the Insurance Control Commission (ICC).
According to the data, the written premiums in each quarter last year were: 1Q: $471.4m; 2Q: $400.4m; 3Q: $387.5m; and 4Q: $351.9m.
Gross claims settled by insurers stood at $1.05bn in 2019, an increase of 10.5% from $949m in 2018. Claims reported in each quarter of last year were: 1Q: $248.3m; 2Q: $251.3m; 3Q: $274.8m; and 4Q: $274.3m.
The ratio of gross claims settled to GWP stood at 65% in 2019, up from 57% in 2018.
Details of the various classes of business in 2019 are shown in Table 1.
Acquisition and administration costs reached $472m last year, down by 2.8% from $485.3m in 2018. The ratio of acquisition and administration expenses to GWP reached 29% last year, unchanged from 2018.
Net investment income totalled $197.1m in 2019, increasing by 27.2% from $155m in the previous year. M