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Picking up life Insurance Clients

by Executive Contributor

With a premium volume of $180 million in 2004, life insurance realized a rise of near 30% over 2003 and accounted for more than 31% of the total reported premium pie of $577 million. Bank-affiliated insurance companies, such as Audi’s Libano-Arabe, BLOM’s Arope and Bank Byblos’ Adir, as well as specialist firms Sogecap (linked with Societe Generale and SGBL Bank) and Bancassurance (an enterprise of Fransabank and BLF) fared very well in their development while the traditional life insurance leaders, Alico, maintained the top role in market share. Another convincing performance came from SNA, which supplies Bank of Beirut as well as several smaller banks with bancassurance products. Executive asked representatives of life insurance companies and bancassurance specialists about the achievements and potentials of these lines. How do you see assess the role of bancassurance for the Lebanese insurance market and where are the growth potentials and untapped niches? Pierre

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