The insurance sector achieved growth of 3% during 2018, with the gross written premium reaching around $1.7bn, according to the Minister of Economy and Trade, Mr Mansour Bteich.
Saradar Capital Holding, the holding company of a Lebanese conglomerate, has acquired 51% of Assurex, a 40-year old Lebanese insurance company owned by the Fattal Group.
Lebanon's economy needs urgent "surgery" or it could collapse, Prime Minister Saad al-Hariri said on Sunday, and he also said that politicians remained fully united behind reforms agreed on last year, reported Reuters.
Online insurance startup, Comin Insure, is looking to raise funds of between $3m and $5m from a strategic partner, to fund its regional expansion.
The life insurance market in Lebanon is estimated to have declined by 7% in 2018, weakened by lower new business and little activity on mortgage and personal loans, according to Ms Nadine Habbal, the acting head of the Insurance Control Commission of Lebanon, which is the sector's regulatory authority.
The mortality rate for those who contracted influenza was 5.7% in the population aged at least 65 and 0.4% in those younger than 65, according to a study conducted by the medical team at GlobeMed Lebanon, one of the companies within GlobeMed Group, a leading healthcare management group in the Middle East and Africa.
The insurance authority in Lebanon, the Insurance Control Commission, has announced that it is allowing the Lloyd's market to conduct business in the country through general management agents and coverholders.
The aggregate net profit of insurance companies active in the health insurance branch in Lebanon reached $15.6m in 2017, constituting a decline of 27% from $21.3m in 2016, according to data released by the Insurance Control Commission.
Total insurance premiums written in Lebanon reached $868m during the first half of this year, which represents a 2.4% increase over the corresponding period in 2017, figures released by the Association of Insurance Companies in Lebanon (ACAL) show.
Insurance companies saw their combined net profits increase by 19.7% in 2017, to $167m, according to the annual report published by the Insurance Control Commission (ICC), attached to the Ministry of the Economy and Trade.