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Covered in stormy weather

by Thomas Schellen

Considering the consistency with which the Lebanese insurance market has contributed to GDP — 3 percent has been the magic number for many years — it would have been remarkable to achieve considerable growth in 2013 against the stream of an economy that has been under a lot of pressure.      The year 2012 and the first nine months of 2013 were not disappointing, according to the research of insurance sector results by the Association of Insurance Companies in Lebanon (ACAL). Gross premiums exceeded $1 billion in the first nine months of 2013, up 10 percent from the same period in 2012 when total gross premiums for the year reached $1.3 billion. But the association’s report for the third quarter of 2013 also shows only a 2 percent increase in the number of issued policies for the year. This is a small improvement on zero growth in the number of

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