Libya: Insurance federation calls for updating of industry legislation
Source: Middle East Insurance Review | Apr 2024
The insurance law in Libya needs to be amended and updated to keep pace with market developments, especially legislation in neighbouring countries, according to Libyan Federation of Insurance Companies secretary-general Ali Regae.
He said in a statement to the newspaper Bawabat Al-Wasat that the insurance market has seen noticeable improvement as a result of political stability.
There are 40 insurance companies operating in the Libyan market, including 30 registered with the Federation. The number of insurers allows for competition and the provision of quality services, he said.
Outlining some strategies for the insurance sector, Mr Regae said that the Federation is seeking to develop the insurance sector and address the distortions that arise in the legal framework.
The Federation also wishes to focus on reinsurance to align it with the insurance market to avoid excesses in purchasing reinsurance covers or undue hesitation in retaining risk. M