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ENAR

“The insurance industry has shown its resilience, because it is growing. When we drill down, we see that we have some very good professional companies that have good returns on equity and others that are losing a lot of money. On a strategic level, we have to consider recent acquisitions of [two Lebanese insurers by international companies.] So the industry is still attractive to outside players and Lebanon is attractive to be used as a jumping board into the rest of the region. This definitely shows how the insurance industry in Lebanon remains very resilient despite all the [country’s] problems.” Farid Chedid, Chairman of Chedid Re “Competition is one of the factors that have increased among insurers in the region, but instead of competing by offering good services, competition is focused on dropping prices with no justification. Unless there are mergers and acquisitions and incentives to consolidate, I don’t see