Number of licensed insurance brokers increases

Sector sources
40 percent of premiums

There were 1,787 authorized insurance brokers at end-May 2013, according to the Ministry of Economy and Trade. These brokers were divided into 1,355 exclusive agents working for one brokerage agency, 301 brokerage agencies, and 131 independent brokers (individuals).

By comparison, there were 1,129 exclusive agents, 125 independent brokers, and 302 brokerage agencies in 2011.

According to a market analysis conducted by the Lebanese Insurance Brokers Syndicate (LIBS), 43 percent of insurance premiums in 2011 were made through brokers, including independent individual brokers and companies, while 33 percent came through exclusive agents, and 23 percent came through banks. Brokers were responsible for 50 percent of motor premiums. The brokerage sector, including direct and exclusive agents, had a turnover of around $150 million.