The number of newly issued car insurance policies increased in the first quarter of 2014 compared with a year before. (The Daily Star/Mohammed Zaatari)
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More than 50 insurance firms exist in Lebanon but 10, which are mainly owned by local banks, control around 80 percent of the market.However, while some big insurance companies are looking to acquire smaller firms that enjoy a healthy portfolio, small companies with a lot of debt and bad portfolio management are unlikely to find a buyer, the source added.The Lebanese insurance market is considered relatively saturated compared to other Arab markets, with premiums of less than $1.2 billion per year being shared among 50 insurance firms. The latest deal in the insurance sector took place in June 2012 when Morocco-based Saham Finances acquired 81 percent in LIA, the Beirut-based insurance arm of Bank Audi Group.
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