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Lebanon rank rises in insurance premiums

UFA insurance building in downtown Beirut, Monday, June 30, 2014. (The Daily Star/Mahmoud Kheir)

BEIRUT: Lebanon ranked as the fifth country in the region and 65th globally in terms of premiums generated in 2013, according to Swiss Re’s annual survey of the global insurance market.

“ Lebanon also came in fifth place among 12 Arab markets included in the rankings. Lebanon ranked in 66th place globally and in seventh place regionally in 2012,” the report said.

But despite this improvement, insurance companies believe that this sector should grow more than the current levels, noting that insurance firms could have performed better if the economic and political conditions were more stable.

The report was carried by “ Lebanon This Week,” the publication of the Byblos Bank Group.

Lebanon generated $1.5 billion in total premiums in 2013, constituting a rise of 12.8 percent in nominal terms and an increase of 7 percent in real terms.

Total premiums generated in Lebanon last year accounted for 0.03 percent of global premiums, for 0.2 percent of premiums generated in emerging markets and for 3.1 percent of premiums generated in the Middle East & Central Asia region.

Globally, insurance premiums generated in Lebanon were higher than those produced in Qatar and Algeria and lower than those generated in Croatia and Kenya.

Also, total premiums in the Lebanese insurance market were lower than those generated in the UAE, Saudi Arabia, Morocco and Egypt among Arab countries.

Lebanon generated $1 billion in non-life premiums last year, ranking it in 65th place globally and in seventh place among Arab countries. Lebanon’s global and regional ranks remained unchanged year-on-year.

Non-life premiums generated in Lebanon rose by 8.1 percent in nominal terms and by 2.5 percent in real terms in 2013.

Globally, non-life premiums generated in Lebanon were higher than those produced in Kenya and Liechtenstein, and lower than those generated in Angola and Egypt.

Also, non-life premiums generated in Lebanon were higher than those produced in Oman, Kuwait, Tunisia, Jordan and Bahrain in the region. Non-life premiums generated in the Lebanese market accounted for 0.05 percent of global non-life premiums, for 0.3 percent of such premiums generated in emerging markets and for 2.9 percent of non-life premiums generated in the Middle East & Central Asia region.

Further, Lebanon generated $469 million in life premiums in 2013, ranking it in 60th place globally and in fourth place in the Arab world, relative to 64th place worldwide and fourth place regionally in 2012.

Life premiums generated in the Lebanese market grew by 24.4 percent in nominal terms and by 18 percent in real terms last year.

Globally, life premiums generated in Lebanon were higher than those produced in Nigeria and Cyprus and lower than those in Kenya and Mauritius. Also, they were lower than premiums generated in the UAE, Morocco and Egypt among Arab countries.

Life premiums in Lebanon accounted for 0.02 percent of global life premiums, for 0.1 percent of such premiums generated in emerging markets and for four percent of life premiums in the Middle East and Central Asia region in 2013.

 
A version of this article appeared in the print edition of The Daily Star on July 01, 2014, on page 5.

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Summary

Total premiums generated in Lebanon last year accounted for 0.03 percent of global premiums, for 0.2 percent of premiums generated in emerging markets and for 3.1 percent of premiums generated in the Middle East & Central Asia region.

Non-life premiums generated in Lebanon rose by 8.1 percent in nominal terms and by 2.5 percent in real terms in 2013 .

Life premiums in Lebanon accounted for 0.02 percent of global life premiums, for 0.1 percent of such premiums generated in emerging markets and for four percent of life premiums in the Middle East and Central Asia region in 2013 .


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