Quantcast
Home Country Coverage Lebanon

Lebanon

Lebanon

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Lebanon Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Lebanon includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

Available Products

Information for Lebanon can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +2
Beirut
LBP
6.77 mn (2021)
(8.31)
53.19%
1297.926
2.36

According to the regulator non-life insurance market gross premium income (excluding PA and health business) increased by 5.60% in 2018 to LBP 622.27bn, but it is thought to be probable that in 2020 gross premium income may have reduced significantly due to the ongoing political and economic crisis, (which has caused a rumoured almost 50% of the population to fall below the poverty line).

 There were 11 licensed non-life insurance companies, four licensed life insurers and 31 licensed composite insurers as at 31 August 2020. There were 530 insurance brokers of which 376 were companies and 154 individuals in 2018, controlling about 50& of the P&C market. Other channels of distribution are agents, company representatives and bancassurance.

In August 2020, a large explosion in Beirut Port devasted large parts of the city. The regulator posted a statement in December 2020 urging insurers to settle claims from the most vulnerable clients (that is small clients and those in need), without waiting for official confirmation of the cause of the incident. The regulator also asked insurers to pay part of the compensation in US dollars in order to be fair and transparent. The market is still awaiting confirmation of the cause of this loss because if it were to be ascertained that it was an act of terrorism or war, compensation would be limited to those with the appropriate political risk or war cover. The announcement implies that settlement of large claims arising from the explosion may still be some way off, pending the result of official investigations.

Ready to talk? We're here to help.

Whether you need more information or to discuss which products are best suited to your needs, our dedicated team are here to help.

Get in touch
Get a free trial