Society articles

The hopes of insurers go up in smoke

The hopes of insurers go up in smoke

Insurance industry representatives in Lebanon recently acknowledged that they expect 2005 to end pretty much as a lost year for business, in line with the “no-growth” environment for GDP and overall economic performance. However, the detailed impacts on sector profits this year cannot be tallied for several more months – with the additional caveat that

The forecast for insurance

Sami Saadeh General manager for the American Life Insurance Company (ALICO) E How did the life insurance sector develop in 2005, and what are your expectations for 2006? Do you foresee a boost for the industry from new legislative initiatives? Our exact results for 2005 are not finalized yet, but we hope to achieve a

Karim Fadel- Director, ABC Group

Since opening its first store on Martyrs’ Square in 1936, ABC has grown to become a reference point in the Lebanese retail industry. Boasting over 60,000 square meters of shopping space distributed across eight outlets, the group’s malls secure some 7.5 million visits annually, giving ABC an estimated 13% market share of Beirut’s retail industry

Time to take us Seriously

While the saying goes that “you can’t please all the people all the time,” it seems in our Lebanese politico-economic scene, that many ‘leaders’ and ‘leaders-to-be’ keep wishing to challenge that proverb. Is it that they are attempting to become the exception that confirms the rule in gaining a growing recognition? Or is it that

Fast Track to Growth

Until the assassination of Mr. Hariri and the subsequent uncertainty, Lebanon had, for the previous 18 months, enjoyed relatively robust economic activity, which allowed for the replenishment of reserves, better GDP growth in 2004, vigorous financial sector liquidity, and, through swaps, more efficient management of the country’s debt stock, which in turn allowed for the

Q&A: Pascal Gauvin, GM Phoenicia

The massive explosion that ripped through former Lebanese Prime Minister Rafiq Hariri’s motorcade also damaged the nearby Phoenicia Intercontinental, arguably the jewel in Lebanon’s post-war tourist sector. On the day of the bomb, was running at 80% occupancy. Since then, the hotel has been losing tens of thousands of dollars a day and when EXECUTIVE

It ain’t easy being green but industry is adapting

Last month saw two major local cement producers, Holcim Lebanon and Cimenterie Nationale, both acquire an ISO 14001 accreditation – the International Standard Organization’s guideline for environmental management tools – and later announce that they planned to invest more than $5 million over the next five years and $15 million in the next four years,

Opening the doors to patients – and controversy

Lebanon’s largest public hospital, the very modern $150 million, 544-bed Beirut Government University Hospital in Bir Hassan, has opened its doors and hopes to be self-sufficient within three years. However, its critics have called it a waste of money in a sector that already has a surplus of hospital beds and question its viability in

Insurers reassured by more visibility

For the Lebanese insurance industry, 2004 was a year of measured improvement accentuated by several highpoints. Visibility and transparency, regional interaction and regional opportunities, the legislative framework, and a healthier solution for social security constituted the portfolio of notable developments or prospects for the nation’s insurance companies. These matters of domestic importance were embedded in

Top