The conflict escalation between Israel and Hezbollah, following the death of Hezbollah leader Hassan Nasrallah, alongside Israel's military action in Lebanese territory, have severely weakened the recovery prospects of Lebanon's already fragile economy and political landscape, says S&P Global Ratings (S&P).
Chedid Capital, an investment group in the insurance and reinsurance industry, has raised its global governance capacity by appointing Mr Stuart Davies as an independent non-executive director at Milestone Risk Solutions in the United Kingdom and a Strategic Committee member at Momentum Insurance.
Large private insurers in the Lebanese market have indicated that they will raise health insurance premiums by 10%, starting 1 July, because of the rising costs of medical care.
CRMI (Corporate Risk Management Institute), IRM London (Institute of Risk Management), and ESA (École Supérieure des Affaires) Business School, have announced the launch of the second cohort of their joint Certificate in Risk Management for Insurance and Reinsurance Professionals.
The Arab War Risk Insurance Syndicate (AWRIS) has placed Lebanon on "Hold cover" status, given heightened risks in the wake of the outbreak of war between Hamas and Israel.
Gross insurance premiums of the 46 insurance companies operating in Lebanon totalled LBP2,456.4bn ($1.6bn) in 2022, falling by 4.5% from LBP2,573.1bn in 2021, according to figures released by the Insurance Control Commission (ICC) under the Ministry of the Economy.
GlobeMed Group, provider of healthcare benefits services, and the Beirut-based Higher Institute of Public Health (ISSP) at Saint Joseph University have announced the launch of two tailored diploma programmes in Clinical Coding and Health Information Analysis for 2023.
A major change in the insurance market in Lebanon is that war risks are no longer covered by new insurance policies, since the outbreak on 7 October of war between Hamas and Israel, according to Mr Assaad Mirza, the president of the Association of Insurance Companies in Lebanon (ACAL).
Chedid Europe Insurance & Reinsurance Brokerage, a subsidiary of Lebanon-headquartered Chedid Capital, has announced the acquisition of 100% of the share capital of UK-based Trilogy Managing General Agents (Trilogy MG) from Resolution Underwriting Holdings, keeping pace with its strategy to grow its business in the United Kingdom while expanding its operations around the globe.
Arab Reinsurance Company (Arab Re) has recorded profitable operating results in four of the past five years, with a weighted average return on equity of 3% (2018-2022), points out AM Best.