CIC

The history of Commercial is related to that of the Zaccars, a family whose life and path have been strongly marked by the political fluctuations of Middle East contemporary history. Following the nationalisation of the insurance sector in Egypt where he set up Alexandria Insurance, the late Roger Zaccar returned to Lebanon. It was in 1962 that he set up Commercial Insurance in Beirut.

Thanks to the management of a good family man, Commercial, which is one of the country's oldest companies, managed to push through the rocky times of the Lebanese war which lasted from 1975 to 1992.

Like the other Lebanese insurers confronted with war, Commercial explored the Saudi market where the company opened an office in Jeddah in the 1980s. Unfortunately, the Saudi experience turned out to be a failure.

Max Zaccar

Chief Executive Officer

At the end of the Lebanese conflict, the company came back to the local market, where, despite its good reputation, seriousness and professionalism, it had to face the same dilemma: How to develop in a tight market that was then shared by more than a hundred insurers?

Passed on from father to son for three generations, the company's management is looking for the ideal partner that would eventually allow it to reach the critical size and weigh on the market before considering a possible regional development.

Main financial highlights: 2002-2006

in USD

	2002	2003	2004	2005	2006
Gross written premiums	4 117 024	3 893 307	3 519 594	3 780 187	4 496 939
Written premiums net of reinsurance	3 048 809	3 164 193	2 694 866	2 899 635	3 554 802
Gross incurred losses	2 538 916	2 825 378	2 039 677	2 279 533	2 738 941
Incurred losses net of reinsurance	2 046 645	2 552 677	2 221 790	2 347 574	2 713 234
Loss ratio	48%	56%	51%	50%	48%
Management expenses*	2 478 318	2 416 706	1 899 110	2 534 075	2 742 196
Techncial result	478 195	570 471	592 380	431 702	579 419
Financial income	505 638	401 669	1 015 792	547 243	697 078
Net result (after tax)	400 577	500 831	525 309	339 954	481 017

* Overhead expenses + acquisition fees in millions USD

Turnover split by class of business: 2002-2006

in USD

	2002	2003	2004	2005	2006
Non life
Motor	769 465	791 577	925 798	962 889	1 228 474
Property and liability	2 785 009	2 543 100	2 022 269	2 345 867	2 773 905
Marine	346 875	309 968	326 319	313 176	352 835
Total non life	3 901 349	3 644 645	3 274 386	3 621 932	4 355 214
Life
Total life	215 675	248 662	245 208	158 255	141 725
Grand total	4 117 024	3 893 307	3 519 594	3 780 187	4 496 939

Life evolution: 2002-2006

in thousands USD

Non Life evolution : 2002-2006

in thousands USD Thanks: We thank Commercial Insurance for their kind assistance in the conception of this survey.