Total premiums generated by independent brokers operating across Lebanon reached $234.2m in 2018, constituting a marginal increase of 0.6% from 2017.
Insurance linked to remittances might represent a large market opportunity for insurers, of up to around $1bn in the next 10 years, according to Swiss Re Institute.
Lebanese companies signed $13.6m worth of export credit insurance contracts with Kuwait-headquartered Arab Investment & Export Credit Guarantee Corporation (Dhaman) in 2018.
The Lebanese Insurance Brokers Syndicate has informed the Minister of Economy and Trade, Mr Mansour Batish, of the proposed establishment of a regional association of Arab insurance brokers to be based in Lebanon.
Lebanon's caisse mutuelle (mutual fund) system provides an excellent infrastructure for citizens to voluntarily create a common disaster insurance pool autonomously from the government, according to a commentary by environmental policy researcher and entrepreneur Mr Basil Mahfouz.
MetLife Alico has been ranked first and 12th in 2018 in terms of life and non-life premiums, respectively, according to Al-Bayan magazine's annual survey of the insurance sector in Lebanon.
Beirut-based InsurTech startup BSynchro has raised $1m in fresh funds from existing local VCs Berytech (Fund II) and Phoenician Funds (I), the startup has announced.
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.