News Middle East18 Mar 2019

Lebanon:Insurance market posts marginal premium growth

18 Mar 2019

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.

He said that the industry faced pressure from the prevailing economic situation across the region and the political deadlock experienced in Lebanon for several months before the new coalition government was formed in February.

According to a report in Executive Bulletin, the minister outlined a strategy for the insurance sector that will focus on the implementation of solvency requirements in a risk-based-capital regime, enforcement of sound governance in line with best international practices, incentivisation of mergers to create larger insurance institutions capable of providing enhanced services to policyholders, improved transparency particularly with regards to compulsory insurance contracts and related commissions, and the establishment of a prosperous environment for the protection and savings business.

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