News Middle East08 Mar 2021

Lebanon:Non-life premiums grow marginally in 2020 despite economic and political ills

| 08 Mar 2021

Non-life premiums generated by 38 insurance companies operating in the country reached $1.16bn in 2020, constituting an increase of 2% from $1.13bn produced by 44 insurers in 2019, according to the annual survey by Al-Bayan magazine of the insurance sector in Lebanon.

This was despite the adverse effects of the COVID-19 pandemic, the US dollar shortage, the plunge in the value of the Lebanese pound, political turmoil, street violence and the 4 August Beirut Port explosion.

In comparison, non-life premiums decreased by 3% in 2019, compared to increases of 3.4% in 2018 and 2.3% in 2017, according to a report in Lebanon This Week by the Economic Research & Analysis Department of Byblos Bank that cited the Al Bayan analysis.

The five biggest insurers in Lebanon in 2020 in terms of non-life premiums remained as the Top Five companies as in 2019, except that there was a reshuffle in their rankings, as is shown below:

Insurers

2020 Premiums

$ m

2019 Premiums

$ m

Y-o-Y Change

2020

rank

2019 rank

Bankers Assurance

126.3

110.0

+14.8%

1

1

MedGulf

114.0

82.4

+38.3%

2

4

Fidelity Assurance & Reinsurance

82.8

94.0

-12.0%

3

2

Allianz SNA

76.6

82.6

-7.3%

4

3

AXA Middle East

76.3

81.3

-6.2%

5

5

Source: Lebanon This Week

The rankings of the top 10 non-life insurers in Lebanon in 2020 are:

Insurers

2020

rank

2019 rank

Bankers Assurance

1

1

MedGulf

2

4

Fidelity Assurance & Reinsurance

3

2

Allianz SNA

4

3

AXA Middle East

5

5

Libano Suisse

6

7

GroupMed

7

6

LIA Insurance

8

8

Arope

9

9

Assurex

10

12

Al Mashrek

11

10

Source: Lebanon This Week 

Note: Trust Insurance and Liberty Insurance suspended their operations in 2019, while three other companies did not publish their results for 2020.

The composition of the top 10 insurers in 2020 changed from 2019, as Assurex improved its ranking from 12th place in 2019 to 10th place in 2020, while Al Marshrek Insurance & Reinsurance fell from 10th place in 2019 to 11th place last year.

Six of the top 10 insurers posted declines in their non-life premiums last year. The top 10 insurers accounted for 64.7% of the non-life insurance market in 2020, compared to 64.2% in 2019 and to 63.8% in 2018.


 

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