Photo taken on June 3, 2021 shows shops damaged in the Beirut port blasts in Gemmayze district, Beirut, Lebanon. (Xinhua/Bilal Jawich) Given the dire economic situation in Lebanon, many businesses damaged last year in Beirut's blasts decided to fight the way out of trouble on their own, instead of waiting for support. BEIRUT, June 5 (Xinhua) Rita Aziz, manager of a Japanese restaurant in the district of Gemmayze, carefully decorated the.
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CCR names new chairman of the board
10-05-2021
08-07-2019
CCR, a public-sector reinsurer that provides cedants operating in France with coverage against natural catastrophes and uninsurable risks, has appointed a new chairman of its board of directors.
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Vital and seeking vibrancy
April 5, 2017
The numbers for overall premiums growth, penetration and density in the Lebanese insurance market in 2017 may not bring huge surprises. In 2016 the sector delivered 3 percent nominal growth in gross premiums, from $1.52 billion in 2015 to $1.56 billion, according to the latest quarterly report of the Association of Insurance Companies of Lebanon (ACAL). The compounded annual growth rate (CAGR) of written gross premiums for the period 2009 – 2015 was 7.6 percent, according to the latest figures published by the Insurance Control Commission in its annual report for 2015.
The 7.6 percent CAGR of written gross premiums was eclipsed by the CAGR of claims at 15.6 percent, but in line with the 7.1 percent CAGR of the sector’s net income after tax. It also is notable that year-on-year growth for gross written premiums in 2015 was better than in 2014, at 7.8 percent versus 4.3 percent, but that the last three years have witnessed significantly l
How secured is the Lebanese insurance sector?
May 17, 2016
The insurance penetration rate in Lebanon for 2014 was $557 premium per capita or 3.3 percent of GDP and very low for personal lines. Hence, there is much room for growth. However, if the insurance sector continues to grow without enforcing the appropriate solvency adequacy and corporate governance reform, the possibilities of default would certainly increase.
Vulnerabilities of insurers to default are not automatically tied to the size of the company but such risks do increase when insurers lack transparency in their financial disclosures and operate below the size thresholds that commonly define viable providers. The World Bank pointed this out in December 2013 in a technical note on the Lebanese insurance sector. “Small insurers, family owned and operated, might well be more like family brokerage firms in other jurisdictions, with limited risk retention and a focus on simplest low risk products,” said the World Bank