Swiss Re's annual survey of the global insurance market indicated that Lebanon ranked in 64th place among the largest 88 markets in terms of premiums generated in 2019, and came in fifth place among 12 Arab markets included in the survey. Lebanon ranked in 61st place globally and in fourth place among Arab countries in 2018. Lebanon generated $1.61bn in total premiums in 2019, constituting a decline of 4% in nominal terms and a drop of 6.7% in real terms from the preceding year. Total premiums generated in Lebanon last year accounted for 0.03% of global premiums, for 0.3% of premiums generated in emerging markets excluding China, and for 1.4% of premiums generated in the Middle East & Africa region.

Globally, insurance premiums generated in Lebanon were higher than premiums generated in Croatia ($1.58bn), Panama ($1.57bn) and Uruguay ($1.55bn); while they were lower than premiums generated in Ecuador ($1.8bn), and Bulgaria and Nigeria ($1.64bn each). Also, aggregate premiums in the Lebanese insurance market were higher than those generated in Qatar ($1.38bn), Kuwait ($1.33bn), Algeria ($1.25bn), Oman ($1.12bn), Jordan ($865m), Tunisia ($830m), and Bahrain ($788m) among Arab countries.

Lebanon generated $1.14bn in non-life premiums last year, ranking it in 65th place among the 88 markets and in sixth place among Arab countries. Non-life premiums produced in Lebanon regressed by 1.6% in nominal terms, while they declined by 4.4% in real terms in 2019. Globally, non-life premiums generated in Lebanon were higher than those produced in Algeria ($1.13bn), Croatia ($1.12bn), and Egypt ($1.03bn); and came lower than non-life premiums generated in Kuwait and Panama ($1.16bn each) and the Dominican Republic ($1.15bn). 

Further, Lebanon generated $471m in life premiums in 2019, ranking it in 65th place globally and in fourth place in the Arab world. Life premiums generated in the Lebanese market declined by 9.2% in nominal terms, while they dropped by 11.8% in real terms last year. Globally, life premiums generated in Lebanon were higher than those produced in Croatia ($463m), Ecuador ($434m), and Cyprus ($431m); and lower than life premiums generated in Trinidad & Tobago ($640m), and Romania and Sri Lanka ($481m each). 

In parallel, Swiss Re estimated Lebanon's insurance density, or premiums per capita, at $236 in 2019, which ranks the local market in 58th place globally and in sixth place in the Arab world. Lebanon had a similar insurance density as Bulgaria; while it had a higher insurance density than Oman ($225), Argentina ($208) and Colombia ($182), and a lower density than Saudi Arabia ($294), Costa Rica ($283) and Mexico ($239). The survey estimated Lebanon's non-life density at $167 and life density at $69 in 2019.

Also, the survey estimated the insurance penetration rate in Lebanon, or premiums relative to the size of the economy, at 2.85% of GDP in 2019, ranking it in 44th place among the 88 covered markets and in third place in the Arab world. Lebanon had a higher insurance penetration rate than the Czech Republic (2.83% of GDP), Colombia (2.82% of GDP) and Uruguay (2.74% of GDP), and a lower rate than Morocco (3.89% of GDP), India (3.76% of GDP) and the UAE (3.13%). Lebanon posted penetration rates of 0.83% of GDP and 2.01% of GDP in the life and non-life categories, respectively, in 2019.