As the insurance world braces itself for a year or more of depressing outlook in terms of investment revenues, Lebanon’s insurance sector appears to be in a bullish mood as many industry insiders show little sign of worry. The confidence of Lebanese insurers is surprising given the extent to which the international markets they invest in have been affected. One of the premeire victims of the ongoing financial earthquake was the American International Group (AIG). AIG’s forth quarter 2008 losses are reported to have hit the $60 billion mark; that means they lost the equivalent of about $660 million per day. Accordingly, AIG’s local Lebanese arm, the American Life Insurance Company (Alico), may loose its big brother. “One of the things that AIG is trying to do now is to sell off Alico to get cash back and divest off profit making companies because they have to shrink the whole
