Lebanon – Most solvent insurance sector worldwide
Saturday, 07 02 2016, Category: Insurance and Reinsurance, Country: Lebanon
According to Mr. Max Zaccar president of the Insurance Association in Lebanon (ACAL) “If we examine the situation we say that we have 50 insurance companies. We write USD 1.5 billion annually. We have USD 1 billion capital which enable us to become the most solvent insurance sector in the world. Basically, the principle is that business written should exceed 8 times the capital, so we could write USD 8 billion whereas we are only writing USD 1.5 billion. We also invest USD 4 billion mostly at Lebanese banks. Therefore, we are the largest clients of banks. In the absence of an active stock exchange we represent the second pillar of the financial sector. We also employ 4000 employees and there is no unemployment in our sector. We have a number of universities, which train experts, among which USJ that offers a Master’s degree in insurance.