Egypt، South Africa strengthen ties, discuss regional challenges at BRICS Meeting    Floods likely to push Brazil's inflation upward in May    Egypt's CBE offers EGP 4b zero coupon t-bonds    BRICS proceeds with national currency payment system    European stocks slide as French politics spark uncertainty    Real estate developers suggest strategies to enhance profitability, ROI in Egypt's burgeoning second homes market    Turkey fines Google $14.85m over hotel searches    Egypt's FM lauds co-operation with Russia    Sudan: El Fasher's South Hospital out of service after RSF attack    Yemen's Houthi claims strikes on British warship, commercial vessels in Red Sea, Arabian Sea    Egypt supports development of continental dialogue platform for innovative health sector financing in Africa: Finance Minister    Al-Mashat, NEAR Directorate-General discuss private sector guarantees ahead of Egypt-EU investment conference    TMG Holding shatters records with EGP 122bn in sales, strategic acquisitions in 5M 2024    Egypt's Labour Minister concludes ILO Conference with meeting with Director-General    Egypt's largest puzzle assembled by 80 children at Al-Nas Hospital    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Lebanese non-life premiums increase to $870m in 2011
Published in Amwal Al Ghad on 11 - 03 - 2012

Total non-life premiums generated in the Lebanese insurance market reached $869.6 million in 2011, constituting an increase of 7.6 percent from $808.1 million in 2011.
This compares to growth rates of 12.3 percent in 2010, 22 percent in 2009 and 22.4 percent in 2008.
Non-life premiums totaled $720 million in 2009, $590.5 million in 2008 and $482.7 million in 2007.
Non-life insurance penetration was equivalent to 2.1 percent of GDP while insurance density was at about $104.75 per capita in 2011.
MEDGULF maintained its first place with $100.8 million in non-life premiums, followed by Bankers with $79.7 million, AXA Middle East with $71.6 million, Libano-Suisse with $56.8 million and AROPE with $54.9 million, as the top five non-life insurers.
The figures are compiled by Al-Bayan magazine in its annual survey of the insurance sector in Lebanon. Victoire, SAICO and Al-Bahria registered the highest jump in the rankings from last year among the 46 insurers operating in Lebanon, moving from 25th to 20th place, 36th to 31st place and 37th to 32nd place, respectively. Liberty posted the highest growth in premiums among all insurers in the survey at 95.5 percent year-on-year.
Byblos Bank's insurance affiliate ADIR came in 15th place and remained among the top 15 firms with $19.1 million in non-life premiums.
There were seven advances and five declines in the rankings among the top 20 insurers, while eight other insurers' rankings remained unchanged.
The composition of the top 10 insurers remained unchanged from 2010, while only two of the top 10 insurers posted decreases in their premiums and the remaining eight insurers posted increases in their non-life premiums, of which four insurers posted a double digit rise.
AXA Middle East and Fidelity recorded the biggest year-on-year increases at 32.5 percent and 13.4 percent respectively, among the top 10 insurers; while Victoire's non-life premiums grew by 43.4 percent, highest among the top 20 insurers.
The rankings of three insurers changed among the country's top 10 insures, with AXA Middle East improving from fifth to third place, Libano-Suisse dropping from third to fourth place and Arope falling from fourth to fifth place.
The top 10 insurers controlled 63.8 percent of the market last year compared to 64.3 percent in 2010, 65 percent in 2009 and 64.4 percent in 2008, while the top 20 insurers represented 84.8 percent of premiums compared to 85.4 percent in 2010, 86 percent in 2009 and 85.3 percent in 2008.
The aggregate non-life premiums of the top 10 insurers reached $554.7 million in 2011 compared to $519.8 million in 2010, $464.8 million in 2009 and $380.4 million in 2008.
Despite the growth of the insurance sector in Lebanon, this industry remains highly unregulated, and some companies struggle to break even.
The insurance sector's premiums still represent a very small percentage of the country's GDP.


Clic here to read the story from its source.