Lebanon ranked 64th out of the 72 largest insurance markets worldwide in terms of premiums in 2024, 37th among 45 emerging markets, and 10th among 13 Arab markets.
In comparison, it was 66th globally, 39th among emerging markets, and 11th within the Arab region in 2023, according to the annual global insurance market survey by Swiss Re.
According to the Insurance Control Commission of Lebanon, total insurance premiums in the country reached $1.14bn in 2024, a nominal increase of 28.7% from $881.4m in 2023.
However, after adjusting for Lebanon’s high inflation—averaging 45.2% in 2024—premiums fell by 11.4% in real terms compared to the previous year.
In 2024, Lebanon’s total insurance premiums accounted for 0.015% of global premiums, 0.2% of premiums in emerging markets excluding China, 0.5% of premiums in the Middle East and Africa region and 2% of insurance premiums in Arab countries. These figures were highlighted in Byblos Bank Group’s weekly economic report, Lebanon This Week.
Furthermore, life insurance premiums in Lebanon reached $90.5m last year, registering a nominal increase of 8.7% and a real decrease of 25.1% last year.