News Middle East14 May 2020

Lebanon:Aggregate insurance premiums down by 5% to $1.6bn in 2019

14 May 2020

The overall Lebanese insurance industry saw total life and non-life premiums of $1.63bn in 2019, constituting a decrease of 5% from $1.71bn in the previous year, according to a report in Lebanon This Week published by the Economic Research & Analysis Department of Byblos Bank. In comparison, in 2018, the industry grew by 3.6%.

Life premiums accounted for 30.2% of aggregate premiums in 2019, lower than the 31.7% in 2018, while non-life premiums represented 69.8% of the total in 2019 compared to 68.3% in 2018, says the report which is based on an annual survey of the insurance sector by Al-Bayan magazine.

In real terms, aggregate life and non-life premiums declined by 7.6% in 2019 and by 2.3% in 2018.

The survey showed that the top 10 insurers in Lebanon in 2019 were unchanged from 2018, although there were shifts in rankings among them. The rankings were:

Insurer

2019

Rank

2018

Rank

Allianz SNA

1

1

Bankers Assurance

2

3

MetLife ALICO

3

2

Fidelity Assurance & Reinsurance

4

6

AXA Middle East

5

5

LIA Insurance

6

4

Arope

7

7

MedGulf

8

8

Bancassurance

9

9

Libano Suisse

10

10

 

The top five insurers in Lebanon accounted for 36.9% of the combined life and non-life markets in 2019 compared to 36.2% in 2018, while the top 10 companies generated 62.3% of overall premiums in 2019 relative to 62.8% in the previous year.

The insurance penetration rate in Lebanon stood at 2.9% of GDP in 2019 relative to 3.1% of GDP in 2018. Also, Lebanon's insurance density, or premiums per capita, reached $336 in 2019 compared to $353 in 2018.

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