Life insurance premiums see 5.8 percent growth in 2013

BEIRUT: Lebanon’s life insurance premiums in 2013 grew by 5.8 percent to $414.3 million from $391.6 million in 2012, according to a leading magazine specializing in the insurance industry.

Al-Bayan said Metlife Alico maintained its market lead with $75 million in life premiums, growing by 2.5 percent year-on-year.

It was followed by Allianz SNA with $55.7 million, Bancassurance with $54.2 million, Arope with $43.5 million and LIA with $41.4 million.

A total of 19 firms out of 34 providers of life insurance posted increases in their life premiums, while 10 registered a decline, 4 remained constant and comparative statistics were not available for one.

Al-Bayan magazine also assessed the top 20 companies in terms of life and nonlife premiums.

Medgulf retained the top spot with a total of $127.8 million, up by 12.1 percent from 2012. It was followed by Allianz SNA with a total of $111.1 million, up by 7.1 percent from 2012; AXA M.E with $103.8 million, up 15.0 percent since 2012; Metlife Alico with $102.4 million, up 2.1 percent; and Arope with $99.8 million, up 5.5 percent.

Al-Bayan also reported that the top 10 companies in life and nonlife insurance captured a market share of 66 percent, while the top 20 had 86.2 percent of the total.

A version of this article appeared in the print edition of The Daily Star on March 18, 2014, on page 5.




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