BEIRUT: Lebanon’s life insurance premiums in 2012 surged by 6 percent to reach $391.6 million compared to $369.8 million in 2011.
Although 2012 saw higher growth in life insurance premiums than the 4 percent in 2011, it was still lower than the results achieved in 2010, which stood at 14.5 percent.
Life insurance premiums stood at $355.8 million in 2010, $311 million in 2009 and $290 million in 2008.
Life insurance penetration was equivalent to 0.94 percent of GDP, while insurance density reached between $89 and $97.9 per capita in 2012, depending on population count, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Metlife ALICO maintained its market lead with $72.2 million in life premiums, equivalent to an 18.7 percent market share and down from 19.5 percent in 2011, 19.9 percent in 2010 and 22.4 percent in 2009.
It was followed by Allianz SNA with $52.9 million, Bancassurance with $47.1 million, LIA with $41.6 million, and AROPE with $39.5 million as the top five providers among 34 life insurers operating in Lebanon.
Royal London 360°, a new entrant to the Lebanese market, registered the highest jump in the rankings from 2011, moving from 34th to 17th place with premiums of $3.2 million in its first full year of operation.
A total of 23 out of 34 providers of life insurance posted increases in their life premiums, as 15 posted double-digit growth rates, two firms registered a triple-digit rise in life premiums, and six companies had single-digit growth.
Also, seven firms saw a decline in their life premiums, while the premiums of two firms were unchanged. Further, seven of the top 10 life insurers posted increases in their premiums.
Byblos Bank’s insurance affiliate ADIR registered a 17.6 percent rise in life premiums, posting the second best performance among the top 10 providers of life insurance and the best performance among those providers that are majority-owned by banks.
In parallel, MEDGULF posted a 19.8 percent drop in its premiums, constituting the steepest fall among the top 10 firms, followed by CLA with a 10.8 percent decline.
The premium figures were compiled by Al-Bayan magazine.