Lebanon – Insurance premiums at USD 830 million in H1 2016
Saturday, 11 12 2016, Category: Insurance and Reinsurance, Country: Lebanon
Total insurance premiums increased by 3.9% during the first half of year 2016 and reached USD 829.8 million. The claims paid increased by 17% and reached USD 427.5 million during the same period according to the figures released by ACAL, the Lebanese insurance association.
This marked increase is related to the growth achieved in life and motor insurance.
Motor premiums represent 21% of the insurance market and increased by 6% reaching USD 175.1 million in the first half of the year. This is related to the increase in the number of cars, which are now complying with compulsory motor insurance. Compulsory motor insurance premiums reached approximately USD 29 million emanating from 600 thousand vehicles (602759 cars), which represents a 12% increase compared to year 2015. Additionally, the non-compulsory insurance increased by 6% reaching USD 146.1 million with an 8% increase compared to last year.
Source: Al Akhbar