The Libyan insurance market
Insurance market features
- Regulatory Authority: Ministry of economy and trade
- Written premiums in 2002: 138 641 thousands LYD
- Insurance density: 250.64 USD
- Penetration rate: 0.34%
- Number of insurance companies: 2
Identity
- Area: 1 759 450 Km2
- Population (2002): 5 499 000 inhabitants
- GDP (2002): 33.36 billion USD
- GDP per capita (2002): 6 200 USD
- GDP growth rate (2002): 1.2%
- Inflation rate (2002): 1%
- Main economic sectors : Petrochemistry, agriculture, iron and steel industry
Major towns
(in thousands of inhabitants)
- Benghazi: 1 700
- Tripoli: 1 500
- Al Djofra: 1 200
- Misurata: 360
Market turnover
in thousands LYD
2002 Market turnover* by company
in thousands LYD| Libya Insurance Co. | United Insurance Co. | |||||||
|---|---|---|---|---|---|---|---|---|
| Class of business | Premiums | Reinsurance cession | Retention | Retention rate | Premiums | Reinsurance cession | Retention | Retention rate |
Non life | ||||||||
Health | 9 408 | 0 | 9 408 | 100% | 0 | 0 | 0 | 0 |
Motor | 20 132 | 2 106 | 18 026 | 90% | 3 480 | 454 | 3 026 | 87% |
Marine | 24 934 | 11 961 | 12 973 | 52% | 11 872 | 8 927 | 2 245 | 25% |
Fire | 41 864 | 38 045 | 3 819 | 9% | 6 852 | 6 569 | 283 | 4% |
Misc. accident | 14 353 | 10 025 | 4 328 | 30% | 4 957 | 4 565 | 392 | 8% |
Total non life | 110 691 | 62 137 | 48 554 | 44% | 27 161 | 20 515 | 6 646 | 25% |
| Life | ||||||||
Total life | 3 693 | 603 | 3 090 | 84% | 744 | 118 | 626 | 84% |
Grand Total | 114 384 | 62 740 | 51 644 | 45% | 27 905 | 20 633 | 7 272 | 26% |
2001 and 2002 turnovers by class of business
in thousands LYD| Premiums | Life share | Global turnover | ||||
|---|---|---|---|---|---|---|
| Classes | 2001 | 2002 | 2001 | 2002 | 2001 | 2002 |
| Life | ||||||
Group insurance | 4 327 | 4 283 | 99% | 96% | 4% | 3% |
Individual insurance | 61 | 154 | 1% | 4% | 0% | 0% |
Total life | 4 388 | 4 437 | 100% | 100% | 4.6% | 3% |
| Non life | ||||||
Health | 6 668 | 9 408 | 7% | 7% | 7% | 7% |
Motor | 24 340 | 23 611 | 26% | 18% | 26% | 17% |
Engineering | 8 028 | 12 879 | 7% | 10% | 6% | 9% |
Marine | 20 774 | 28 831 | 23% | 21% | 22% | 21% |
Aviation | 5 501 | 6 548 | 6% | 5% | 6% | 5% |
Fire | 20 054 | 46 332 | 22% | 34% | 21% | 33% |
Miscellaneous | 4 988 | 6 595 | 9% | 5% | 8% | 5% |
Total non life | 90 353 | 134 204 | 100% | 100% | 96% | 97% |
Grand Total | 94 741 | 138 641 | 100% | 100% | 100% | 100% |
Claims by class of business in 2001 and 2002
in thousands LYD| Classes | 2001 | 2002 |
|---|---|---|
| Life | ||
Group insurance | 2 437 | 2 609 |
Individual insurance | 142 | 199 |
Total life | 2 579 | 2 808 |
| Non life | ||
Health | 869 | 683 |
Motor | 76 612 | 66 151 |
Engineering | 352 | 578 |
Marine | 4 822 | 9 961 |
Aviation | 1 265 | 999 |
Fire | 1 421 | 5 675 |
Miscellaneous | 2 188 | 1 344 |
Total non life | 87 529 | 85 391 |
Total | 90 108 | 88 199 |
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