Lebanon setting up of a gas and oil insurance pool

In the margins of the 31^st General Conference of the General Arab Insurance Federation (GAIF), held in Beirut from 24 to 26 May 2016, the association of insurance companies in Lebanon (ACAL) and the Lebanese Petroleum Administration (LPA) signed an agreement for the creation of an insurance pool dedicated to oil and gas risks.

This pool will include 50 local insurers and whose objective is to cover oil and gaz exploration and production companies as from the start of the extraction works.
The risks underwritten are reinsured by a quota - share treaty.