The Libyan insurance market

Photo credit: US Gov / CIA World Factbook

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 businessPremiumsReinsurance cessionRetentionRetention ratePremiumsReinsurance cessionRetentionRetention rate
Non life
Health
9 40809 408100%0000
Motor
20 1322 10618 02690%3 4804543 02687%
Marine
24 93411 96112 97352%11 8728 9272 24525%
Fire
41 86438 0453 8199%6 8526 5692834%
Misc. accident
14 35310 0254 32830%4 9574 5653928%
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 38462 74051 64445%27 90520 6337 27226%
* Net premiums

2001 and 2002 turnovers by class of business

in thousands LYD
 PremiumsLife shareGlobal turnover
Classes200120022001200220012002
Life
Group insurance
4 3274 28399%96%4%3%
Individual insurance
611541%4%0%0%
Total life
4 388 4 437 100% 100% 4.6% 3%
Non life
Health
6 6689 4087%7%7%7%
Motor
24 34023 61126%18%26%17%
Engineering
8 02812 8797%10%6%9%
Marine
20 77428 83123%21%22%21%
Aviation
5 5016 5486%5%6%5%
Fire
20 05446 33222%34%21%33%
Miscellaneous
4 9886 5959%5%8%5%
Total non life
90 353 134 204 100% 100% 96% 97%
Grand Total
94 741138 641100%100%100%100%

Claims by class of business in 2001 and 2002

in thousands LYD
Classes20012002
Life
Group insurance
2 4372 609
Individual insurance
142199
Total life
2 579 2 808
Non life
Health
869683
Motor
76 61266 151
Engineering
352578
Marine
4 8229 961
Aviation
1 265999
Fire
1 4215 675
Miscellaneous
2 1881 344
Total non life
87 529 85 391
Total
90 10888 199
Source: Survey on the libyan insurance market conducted by Libya Insurance Co.
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits