Lebanon: Insurers see GWP rise by 12% to $929m in 1H 2021
Source: Middle East Insurance Review | Dec 2021
The total GWP of 46 licensed insurance companies in Lebanon reached $928.8m in 1H 2021, up 12.1% from $828.8m in the same period of 2020, according to figures released by the Insurance Control Commission.
These statistics were carried in the bulletin Lebanon This Week published by the Economic Research and Analysis Department of Byblos Bank.
Gross premiums reached $475.3m in the first quarter of 2021 and $453.4m in the second quarter of the year. They improved by 11.2% in the first three months of 2021 from the same quarter of 2020 and grew by 13% in the second quarter of the year from the same quarter of 2020.
Medical insurance is the largest class of business, with GWP growing by 16% to $400m in the first nine months of 2021. It was followed by motor (+42% to $206m), life (-14% to $183m) and property and casualty (+16% to $140m).
In addition, total gross claims paid by the Lebanese insurers increased by 7% to $535m in the first nine months. The insurance sector also posted net investment income of $46.5m in 1H 2021 compared to net investment losses of $134.2m in the first half of 2020. M