Insurance income up

Number of issued contracts retracts in first half

The insurance sector saw an improved turnover in the first half of the year, reporting a nine percent annual increase in the value of premiums, according to a report published by the Association of Insurance Companies in Lebanon (ACAL).

The value of premiums stood at $680 million at end-June. The number of issued contracts had, however, decreased by five percent, to 1.62 million. During the first quarter, the number of issued policies had dropped by 13 percent. The value of premiums had totaled $318 million, up four percent year-on-year.

The share of non-life insurance premiums rose to 72.8 percent, from 71 percent at end-2011.
Medical Insurance premiums represented the bulk of written premiums, 31percent, followed by Life Insurance, 27 percent, and Motor Insurance, 23 percent. Fire Insurance represented 7.5 percent.

Life Insurance premiums rose by 23 percent, while Fire Insurance premiums grew by16 percent over the first six months.