Total written insurance premiums drop except for medical
The value of insurance premiums dropped more than four percent to $1.6 billion in 2019, according to figures published by the Association of Insurance Companies in Lebanon (ACAL).
The major sectors contracting included a 13 percent decline in life insurance premiums, nine percent in motor insurance premiums, and seven percent in workmen insurance.
Some sectors witnessed growth in premiums such as medical insurance (seven percent) which represents a third of the insurance sector. Cargo insurance increased four percent.
The share of non-life insurance premiums rose to 71 percent in 2019, from 68 percent in 2018.
Insurance indemnities paid on policyholders’ claims grew by almost 11 percent to about $1 billion. Medical claims accounted for the largest chunk (40 percent) followed by life insurance (31 percent) and motor (19 percent).
Date Posted: Mar 20, 2020