Author Archives: Thomas Schellen

Visions of community

It’s hurray time for Lebanon’s consumer society. Shopaholics, retail marketers, mall strategists and their assorted public relations minions are gearing up for the launch of the third ABC Mall in Lebanon. The new retail temple is slated to open its doors this summer in Beirut’s Verdun quarter. It will accommodate over 200 stores, including its

Going further

Allianz SNA is one of the most active insurance companies in Lebanon and the Middle East. Executive sat down with its Chairman and Regional Chief Executive Officer, Antoine Issa, to talk about the state of the insurance industry and the interconnections between consolidation, governance and institutional investments. E   How do you view Lebanon from

Taking the long view

The task of improving the Lebanese insurance sector through regulatory instruments, financial supervision and increasing governance has been pursued by the Insurance Control Commission (ICC) at the Ministry of Economy and Trade (MoET) for the past 15 years, with growing vigor and ever-increasing activity. To obtain an update on the ICC’s views and projects, Executive

More acquisition than merger

The sale of Al Ittihad al-Watani Insurance evolved over several years and was rumored in the Lebanese market to involve a number of valuation issues before culminating in an acquisition by NASCO Insurance Group. NASCO, whose founding purpose was brokerage activity and whose main focus is insurance broking, pursued the deal on the grounds that

Lapping up management of health and diseases

As the tide of transformation in the insurance industry makes its way across geographies and business lines, it not only floods the field’s core players with uncertainty, but it also affects business models in auxiliary ventures affiliated with insurance. One important auxiliary area consists of enterprises that engage in the management of medical insurance claims.

A desperate chase for consolidation

There is no shortage of challenges present or overdue reforms absent in the insurance sector in Lebanon. The backlog of unsolved issues begins with the need to renew the insurance law that was adopted about the time the Chevrolet Camaro was a new automotive design. It has – albeit once facelifted in the 1990s –

Vital and seeking vibrancy

The numbers for overall premiums growth, penetration and density in the Lebanese insurance market in 2017 may not bring huge surprises. In 2016 the sector delivered 3 percent nominal growth in gross premiums, from $1.52 billion in 2015 to $1.56 billion, according to the latest quarterly report of the Association of Insurance Companies of Lebanon

The Lebanese cybersecurity landscape

Overall, it is not clear what the local share of the global cybersecurity market – estimated by Gartner at $81 billion in 2016 – is or might be. Estimates and anecdotal evidence suggest, however, that the local market is still small. Salah Rustum, president of local firm Commercial & Industrial Enterprises of Lebanon (CIEL) and

Cyber(in)securities

At the center of the cybersecurity issue in Lebanon resides, as with many issues in this country, an unfortunate and seemingly unmovable constellation. In one corner towers the banking sector as the primary force and primary concern for all things economic and also all things digital. The banking industry, as all the expert voices in

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