Lebanon: Life premiums plunge by 32% to $250m in 2022
Source: Middle East Insurance Review | Aug 2023
Total life premiums generated by 26 providers of life insurance in the Lebanese market reached $249.8m in 2022, constituting a decline of 32.4% from $369.3m in 2021, according to the bulletin ‘Lebanon This Week’ published by the economic research and analysis department of Byblos Bank.
The bulletin reported on the findings of an annual survey by Al-Bayan magazine of the insurance sector in Lebanon. The dollar figures are converted at the official exchange rate of the Lebanese pound to the US dollar of LBP1,507.5 per dollar.
In comparison, life premiums decreased by 13.8% in 2021, 13% in 2020 and 9.2% in 2019, while they increased by 4% to $541.5m in 2018 and by 4.3% to $521m in 2017.
MetLife ALICO maintained its market lead with $74.3m in life premiums, equivalent to a 29.8% market share in 2022. The survey also showed that the top 10 providers of life insurance in Lebanon accounted for 89.2% of the life insurance market. M