The most significant innovation in the Lebanese insurance industry this year is transparency in on-time delivery. For the first time in roughly 60 years of collecting premiums and paying claims, the majority of insurers have made their quarterly headline numbers available for evaluation. Starting with the first quarter 2011, Lebanese insurance industry data is published in a statistical review by the Association des Compagnies d‘Assurances au Liban (ACAL). They cover overall trends for premiums, claims and ratios as well as trends per business line — including life insurance, motor and others — for a total of nine areas of insurance activity. “The insurance control commission at the Ministry of Economy and Trade started publishing the annual report on the insurance sector in 2005 and it was an important initiative,” said Jamil Harb, secretary general of ACAL. “However, we realized that it would be better for the companies and the public
[…] In from the dark – “It definitely helps to have the statistics,” said Fateh Bekdache, general manager of Arope Insurance. Before the introduction of the reports by the association, sector companies were limited to data the Arabic business magazine Al Bayan collected … […]
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[…] In from the dark – “It definitely helps to have the statistics,” said Fateh Bekdache, general manager of Arope Insurance. Before the introduction of the reports by the association, sector companies were limited to data the Arabic business magazine Al Bayan collected … […]
Comments are closed.