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.
Commercial Insurance in 2006
Capital | 4 million USD |
Turnover | 4.496 million USD |
Shareholder's equity | 5.120 million USD |
Net result | 481 017 USD |
Loss ratio | 48% |
ROE | 12.085% |
Number of employees | 30 |
Management
Chairman | Max Zaccar |
Deputy General Manager | Myriam Zaccar |
Finance & Administration Manager | Assaad Tabet |
IT Manager | Georges Salem |
Underwriting Manager | Agathe Hakim |
Marketing Manager | Fady Dahdah |
Main financial highlights: 2002-2006
in USD2002 | 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 |
Turnover split by class of business: 2002-2006
in USD2002 | 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 USDNon Life evolution : 2002-2006
in thousands USDContact
Head office | Centre Starco, Beirut Offices : 84 Jounieh, Lebanon |
Phone | (+961) 9 211680 |
Fax | (+961) 9 211686 |
comins [at] commercialinsurance [dot] com [dot] lb | |
Website |