(The Daily Star/Hasan Shaaban)
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Only insurance companies with a minimum capital of $10 million must be allowed to operate in Lebanon, said Asaad Mirza, president of the Association of Insurance Companies in Lebanon Tuesday.Mirza claimed that clients do not usually like to deal with small insurance companies but they prefer bigger ones to guarantee proper services.Likewise, Economy Minister Alain Hakim emphasized the importance of increasing the capital of insurance companies to create a more internationally competitive sector while creating more job opportunities and boosting sustainable growth. Hakim said that the insurance sector in Lebanon is facing many challenges including the need to expand services offered by this industry in a bid to be able to compete with international firms. Mirza reiterated Hakim's comments by saying that the insurance sector should be prepared to provide insurance premiums for the petroleum sector.
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