Minister Raed Khoury speaks during a conference in Beirut, Monday, July 10, 2017. (The Daily Star/Hasan Shaaban)
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Economy Minister Raed Khoury vowed Monday to exert all necessary efforts to grow Lebanon's insurance sector from $1.5 billion to $4.5 billion in premiums over the coming years.The company has over 95 million customers worldwide and more than 40,000 employees.Khoury said his plan can also be achieved by the development of the private pension market in the right regulatory context.For her side, Nadine Habbal, head of the Insurance Control Commission, said the market insurance is in need of innovation by using modern digital technologies.She said that 40 percent of the Lebanese residing in Lebanon do not have any form of medical insurance, while another 20 percent have only poor medical coverage.She added that the insurance sector currently contributes to 3 percent of GDP while the average OECD penetrations stand at around 9 percent, which shows the growth potential lying ahead.
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