Lebanon – Call to strengthen the insurance sector
Saturday, 12 30 2017, Category: Insurance and Reinsurance, Country: Lebanon
The Insurance Control Commission published the annual report of the insurance sector for year 2016, which includes a large number of indicators, statistics, technical and financial analyses. It is available for stakeholders including specialists, analysts, shareholders and policyholders.
The report noted that the share of insurance premiums in the Gross Domestic Product does not exceed 3% and it has been at this level for several years. This compares with 9% of GDP in OECD countries despite the fact that these countries have strong social security and retirement systems. This indicates underinsurance, so the growth potential is very large. The report noted that total insurance assets do not exceed 6% of Gross Domestic Product compared to banking deposits that represent 3 times the GDP. This specific comparison sheds light on the future role of insurance in channeling long term savings and emphasizes the gap it has to fill in this regard.