Home BusinessOutlook and potentials in the Lebanese insurance sector

Outlook and potentials in the Lebanese insurance sector

by Nadine Habbal

Regional geopolitical turmoil and ensuing economic uncertainties continue to place increasing pressure on the insurance sector. Stagnation in most of the sectors of the national economy is reflected in slower growth in premiums written by Lebanese insurers, and higher strain on profit margins. In light of this, the Insurance Control Commission (ICC), which is the regulatory authority for the supervision and control of the insurance sector, reporting to the Ministry of Economy and Trade, forecasts growth rates in 2018 of -7 percent for life insurance, driven by lower new business and little activity on mortgage and personal loans: -4 percent for motor insurance also driven by lower new business; and -1.7 percent for property and casualty insurance. The stagnation in property and casualty lines is directly correlated with the economic situation in the country, which is witnessing little activity in terms of new projects, transportation, and other similar activities. The

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