Lebanon – Insurance is essential in economic framework
Friday, 12 18 2015, Category: Insurance and Reinsurance, Country: Lebanon
The Minister of Economy and Trade Dr. Alain Hakim confirmed that the “insurance sector is essential in the economic infrastructure” indicating that “the Insurance Control Commission at the ministry was able to complete many achievements despite the political and security challenges, including the issuance of guidelines for insurance products in addition with basic insurance principles”.
The words of Dr. Hakim came during a lunch reception prepared by the “Lebanese Insurance Association” (ACAL) in order to honor medial officials. In the presence of the previous minister Mr. Ziad Baroud, the president of ACAL Mr. Max Zaccar, Mr. Fateh Bekdache the president of the National Institute of Mandatory Insurance, the chairman of the traffic and mecanique department Mrs. Huda Salloum, the president of Lebanese Insurance Brokers Syndicate Mr. Elie Hanna, and members of the board of ACAL.
To start with Mr. Zaccar said that “the value of capitals and reserves reached one billion US dollars, gross written premiums reached 1.5 billion US dollars, which means that our insurance sector has the highest solvency ratio in the world. And we invest USD 3 billion, so we are considered as the largest clients of banks and the largest holders of Lebanese treasury bonds. We employ as well 4000 employees.”
Source: Al Mustaqbal Newspaper