Lebanon: Insurance premiums growth by 7.14% in 2014

The Lebanese market grew by 7.14% in its turnover in 2014. Insurance premiums rose from 1.4 billion USD in 2013 to 1.5 billion USD in 2014.
Crédit photo: US militaryBeirut, Lebanon

The life class of business increased by 5.5% at 443.7 million USD in 2014 compared to 420.5 million USD in 2013.

Non life insurance, which represents 69% of the underwritten premiums, posted a turnover of 1.03 billion USD in 2014, up by 5.3% over a year. This is the lowest growth rate recorded in five years.

The growth slowdown of non life premiums is due to an unfavorable macroeconomic environment that hinders the construction and intensifies competition between the market companies.

As a reminder, there are 35 insurance companies in Lebanon. The first ten, alone, underwrite 67% of the total premiums.
In this context, market concentration is not to be excluded in the future.

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