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

ENAR

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 from property to credit insurance feature in prudent business planning of an increasing number of enterprises. To understand better what risks and threats the Lebanese insurers are facing in the coming months, Executive inquired with Beirut-based international actuary Ibrahim Muhanna about his expert perspectives. What is your assessment of the financial situation of the Lebanese insurance sector? Looking at the balance sheets of the insurance industry as of 31/12/2018 and their exposure to the banking sector in Lebanon [reveals] that the total assets of insurance companies in Lebanon are in the neighborhood of LL7,500 billion,