The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017

The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017

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Lebanon's insurance industry is one of the most developed in the Middle East region. Foreign insurers have a considerable presence in the country's insurance industry due to the government's liberal regulatory regime. In terms of gross written premium, the industry posted a review-period (2008-2012) compound annual growth rate (CAGR) of 10.5%. The gross written premium was equivalent to 3.13% as a percentage of GDP in 2012. The minimum paid-up capital required for insurers to operate in the Lebanese insurance industry is US$1.5 million. On account of the lower capital threshold, there are more than 50 operational insurers in the industry resulting in intense completion. Pressure is mounting on regulatory authorities to increase the minimum paid up capital requirements.

Report Highlights
  • The country was rated 48th globally and first in the Middle East and North African (MENA) region, in terms of insurance penetration by Swiss Re in 2013
  • The life segment was led by the individual life category, followed by the endowment category with respective segment shares of 59.2% and 40.8%
  • The non-life segment was led by the motor insurance category, followed by property insurance, marine, aviation and transit insurance, and general liability insurance
  • The industry comprises many small insurers due to the minimum paid-up capital being only US$1.5 million
  • The industry is highly competitive with 52 operational insurers present in 2012
  • The life segment is highly concentrated with the five leading insurers representing 65.6% of the total life gross written premium collected in 2012
Report Scope

This report provides a comprehensive analysis of the insurance industry in Lebanon:
  • It provides historical values for the Lebanese insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Lebanese insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Lebanon, and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Lebanese insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Lebanese insurance industry.
  • Assess the competitive dynamics in the Lebanese insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Lebanese insurance industry and its impact on companies and the industry's future.


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Personal Accident and Health Insurance - Regional Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 Lebanese Insurance Industry Overview
4.1 Lebanese Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Life Insurance
5.1 Life Insurance Growth Prospects
5.1.1 Individual life insurance
5.1.2 Individual endowment insurance
5.1.3 Individual unit-linked insurance
5.2 Life Insurance Growth Prospects by Product Type
5.2.1 Individual single-premium policies
5.2.2 Individual non-single premium policies
6 Non-Life Insurance
6.1 Non-Life Insurance Growth Prospects
6.2 Property Insurance
6.2.1 Fire and allied perils insurance
6.2.2 Engineering insurance
6.2.3 Other property insurance
6.3 Motor Insurance
6.3.1 Motor hull
6.3.2 Motor third-party
6.4 General Liability Insurance
6.5 Transit insurance
7 Personal Accident and Health Insurance
7.1 Personal Accident and Health Insurance Growth Prospects
7.1.1 Personal accident insurance
7.1.2 Health insurance
8 Reinsurance
9 Analysis by Distribution Channel
9.1 Life Insurance
9.1.1 Direct marketing
9.1.2 Bancassurance
9.1.3 Agencies
9.1.4 E-Commerce
9.1.5 Brokers
9.1.6 Other channels
9.2 Non-Life Insurance
9.2.1 Direct marketing
9.2.2 Bancassurance
9.2.3 Agencies
9.2.4 E-Commerce
9.2.5 Brokers
9.2.6 Other channels
9.3 Personal Accident and Health Insurance
9.3.1 Direct marketing
9.3.2 Bancassurance
9.3.3 Agencies
9.3.4 E-Commerce
9.3.5 Brokers
9.3.6 Other channels
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation Trends by Type of Insurance
10.2.1 Life insurance regulatory trends
10.2.2 Property insurance regulatory trends
10.2.3 Motor insurance regulatory trends
10.2.4 Liability insurance regulatory trends
10.2.5 Marine, aviation and transit insurance regulatory trends
10.2.6 Personal accident insurance regulatory trends
10.2.7 Health insurance regulatory trends
10.3 Compulsory Insurance
10.3.1 Compulsory motor third-party liability insurance
10.3.2 Compulsory work injury coverage
10.3.3 Universal health coverage scheme
10.4 Supervision and Control
10.4.1 International Association of Insurance Supervisors
10.4.2 Insurance Control Commission
10.5 Non-Admitted Insurance Regulatory Trends
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and penalties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Corporate tax
10.7.3 VAT
10.7.4 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Alternative dispute resolution (ADR)


Companies Mentioned:

Medgulf SAL
Allianz SNA
MetLife Alico
Arope Insurance
Bankers Assurance (Bankers)