Insurance sector showed slight growth in 2014

Insurance premiums increased by nine percent to $805 million in the first half of 2014, according to the Association of Insurance Companies (ACAL).

Jamil Harb, Secretary General of ACAL, said: “The increase shows consistency in the growth of the sector.”

Medical insurance premiums grew by 12 percent to $270 million and accounted for 34 percent of the sector. Life insurance grew by 14 percent to $228 million. Motor had a three percent growth, reaching $166 million. Most other categories showed little growth.

Engineering premiums contracted by 41 percent. “Real estate activity is slow compared to last year. The size of some projects might have caused the change from one year to the next,” he said. Public liability premiums decreased by nine percent, and cargo premiums remained unchanged.

Total benefits and claims paid by insurance companies stood at $360 million, an eight percent increase. Medical claims rose by five percent to $147 million and accounted for 41 percent of total disbursements.