Insurance articles

Going further

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

Freedom of insurance

The Lebanese insurance industry seems to be in need of new energy. Not only in terms of its objective to participate in the covers of the future oil and gas industry, but also in its fundamental development of company structures and legal infrastructure. With low growth in insurance premiums – some 4 percent in 2015

An awfully quiet year

When compared with the banking sector and the initiatives taken by Banque du Liban (BDL), the year was unnervingly quiet for the country’s insurance industry. Preliminary information on the performance of insurance companies suggests that the 4 percent growth in gross premiums to $1.2 billion at the end of the third quarter was low when

Q&A – Issam Hitti

Insurance broking is a business of consulting and risk advisory that historically bears the onus of being the “middle man”, with all the common questions of what value this function brings with it. Executive sat down with Issam Hitti, the president of the Lebanese Insurance Brokers Syndicate (LIBS) to find out how the brokers are

Orange scheme crashes

It ain’t broken, but the economy underlying one of the Lebanese motor insurance industry’s specialities has vanished. While the Orange Card system for cross-border liability insurance protection of Arab motorists is functionally fine, commercially speaking, Lebanese administrators tell Executive that business has fallen precipitously – premiums have roughly halved and sales are almost non-existent. Data

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