Author Archives: Thomas Schellen

Q&A with actuary Ibrahim Muhanna on insurance liabilities amid economic crisis

Q&A with actuary Ibrahim Muhanna on insurance liabilities amid economic crisis

Reading Time: 6 minutes Practically every private household in Lebanon relies on one or other insurance service, beginning with the mandatory protection of motorists under third-party liability insurance or savings schemes offered by life insurers. Services such as health and pension insurance are becoming focuses of attention as the country’s healthcare and employment systems are increasingly challenged. Commercial lines

Confused outlook on insurance coverage for Lebanese COVID-19 patients

Reading Time: 5 minutes In the immediacy of the coronavirus crisis, the most pertinent insurance question for the holder of a medical policy is simple: Who will pay if I need to be hospitalized?  The answer, as with many things in Lebanon, depends. According to Nadine Habbal, acting head of Lebanon’s Insurance Control Commission, slightly more than half of

Q&A with Nadine Habbal, acting head of the Insurance Control Commission

Reading Time: 5 minutes Lebanon’s insurance sector is highly fragmented, featuring extreme competition between small local players, bank-affiliate insurers, providers that are parts of multinational insurance giants, and—outside of the regulated sphere of commercial insurance companies—even quasi-insurers with competitive privileges that are categorized as mutual funds. The diverse and overpopulated sector, mired in opacity of companies, has not been

Leaked Lebanese government reform plan addresses lira peg head on

Reading Time: 15 minutes “The existing dual exchange rate is not suited for the long-term recovery of the Lebanese economy, because of its distortionary nature and the limited availability of FX-resources in the parallel market.”   The Lebanese Government’s reform program, April 6 draft Chained to the dollar for the longest time under a policy favoring partisan interests—but not Lebanon’s

How coronavirus could bring about a historic chance for change

Reading Time: 24 minutes About two months ago, the assumption was that in terms of viral speed, the only things spreading faster than SARS-CoV2—the coronavirus’ official name—would be coronavirus rumors and fears. This view could pass as news of the month at the time when World Health Organization (WHO) Director General Tedros Ghebreyesus explained to the world that there

Q&A with the team behind jobsforlebanon

Reading Time: 11 minutes They want to bring jobs to jobs-starved Lebanon. They also want to do something that has been tried many times and rarely been crowned by success: mobilize direct investments into Lebanon from the country’s large global diaspora. Specifically, they want to seed job investments—work opportunities that can be located anywhere in the world, yet be

Lebanon’s economy and industry suffer under coronavirus impact

Reading Time: 9 minutes When seeking to fathom how Lebanon’s pre-existing economic woes correlate to the newly unfolding global coronavirus recession, a first obstacle is posed by the extreme speed with which this recession is unfolding. In February, and even earlier in March, international agencies, leading economic powers, financial institutions, and noted economists assumed that the virus’s impact might

Q&A with Fady Gemayel on the impact of the coronavirus crisis on Lebanon’s industry

Reading Time: 5 minutes To gauge the extent to which Lebanese manufacturing industry, an often overlooked but crucial driver of the economy, is being impacted by the current global coronavirus pandemic in conjunction with the previous difficulties in Lebanon, Executive conducted a phone interview with Fady Gemayel, president of the Association of Lebanese Industrialists. How is Lebanese industry coping

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