Insurance premiums up by 4% to $1.7bn in 2018

Economic Research | Lebanon This Week | Lebanon This Week 578 | Insurance premiums up by 4% to $1.7bn in 2018 | Lebanon | Byblos Bank

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Byblos Bank

Lebanon This Week 578


Insurance premiums up by 4% to $1.7bn in 2018

The annual survey by Al-Bayan magazine of the insurance sector in Lebanon indicates that overall life and non-life premiums reached $1.71bn in 2018, constituting an increase of 3.6% from $1.65bn in the previous year, compared to a growth rate of 3.8% in 2017. Life premiums accounted for 31.7% of aggregate premiums in 2018 relative to 31.5% in 2017, while non-life premiums represented 68.3% of the total last year compared to 68.5% in 2017. 

Byblos Bank's insurance affiliate ADIR generated $77.4m in premiums in 2018, up by 6.2% from 2017. The composition of the top 20 insurers was unchanged from 2017. Fidelity Assurance & Reinsurance moved up by four spots in the rankings, the rank of Cumberland Insurance improved by three spots, the rankings of AXA Middle East and Securité Assurance improved by two spots each, and the rank of SGBL Insurance moved up by one spot in 2018. In contrast, the ranking of ALIG regressed by four spots last year, Medgulf's rank regressed by three spots and the rankings of Arabia Insurance, Arope, Assurex, Libano Suisse Insurance and Bancassurance declined by one spot each from 2017. In parallel, ADIR maintained its ranking as the 11th largest insurer in the country.