Data from the Lebanese Insurance Control Commission indicate that the local insurance market has recorded 2 456 billion LBP (1.621 billion USD) in gross written premiums in 2022, which represents a 4.5% decline compared to 2021.
This is due to the economic crisis facing the country and the Lebanese people's deteriorating living standards, which have led them to cut back on their insurance coverage.
The market was also affected by the explosion in the port of Beirut in 2020 and the sharp depreciation in the value of the Lebanese pound.
In just one year, life underwriting has fallen by 23%, from 525 billion LBP (346 million USD) in 2021 to 403 billion LBP (266 million USD) in 2022. The life business now accounts for just 16.43% of the total market, against 20.39% a year earlier. The non-life business, on the other hand, has posted premiums amounting to 2 053 billion LBP (1.355 billion USD) by the end of 2022, a slight increase of 0.22% compared to the previous year.
The Lebanese market remains highly concentrated, with the top ten insurers accounting for 64.4% of premiums: Bankers Assurance, Fidelity, Medgulf, MetLife Alico, Lia Assurex, Allianz SNA, Security Assurance, AXA Middle East, Arope and Libano-Suisse.
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