ACAL president Assaad Merza speaks during an interview with The Daily Star in Beirut, Wednesday, July 9, 2014. (The Daily Star/Hasan Shaaban)
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Lebanese insurance is among the very few sectors that are still recording a fair growth in an economy dragged down by years of political and security complications, according to said Assaad Mirza, president of the association of Lebanese insurance companies.However, 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.On the other hand, premiums contracted 10 percent in life insurance and dropped 51 percent in engineering insurance.For a better performance of the sector in Lebanon, Mirza emphasized the importance of increasing the capital of insurance companies from $1.5 million to $10 million as advised by the Lebanese insurance law drafted In 2004 by two Canadian experts intensely familiar with insurance issues in developing countries and with Canada's insurance law, which is supposed to rate among the world's best.
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