London, UK (PRWEB) March 12, 2014
Since 2007, the Lebanese insurance industry has witnessed robust growth owing to the favourable political climate. In terms of gross written premiums (GWP), the domestic insurance industry registered 10.5% CAGR during 2007-2012. In 2012, Lebanon was ranked 1st in the Middle East and MENA region and 48th in the world in terms of insurance penetration. In the same year, the life sector was led by the individual life category, accounting for just over 59% of the total sector. Meanwhile, the non-life sector was dominated by the motor insurance category.
Owing to the minimum paid-up capital (just USD 1.5 million), the national market is inhabited by numerous insurance companies. In 2012, there were 52 operational insurers in the Lebanese insurance industry, which is characterized as highly competitive. However, the local insurers are under the growing pressure to perform profitably on the back of the intensifying conflict in Syria together with a negative influence of the debt crisis in the Eurozone. MetLife ALICO, Bankers Assurance, MEDGULF S.A.L., ALLIANZ SNA and AROPE Insurance are among the most prominent participants in Lebanon’s insurance market.
In-demand research report “The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017” worked out by Timetric and is available at MarketPublishers.com
Title: The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017
Published: February, 2014
Price: US$ 1,950.00
A granular analysis of the Lebanese insurance sector along with a full set of valuable data illustrating the industry performance both in the past and today is provided in the topical study. The research report covers the major insurance categories in the country in detail, describes the competitive scenario, profiles the main industry participants, throws light on the prevailing market trends, and characterizes the key market growth stimulators and limiters. The report features the country’s regulative framework, outlines and discusses the major challenges faced by the Lebanese insurance industry, benchmarks the Lebanese industry against other Middle Eastern countries’ insurance industries. In addition, the report presents extensive forecasts of the Lebanese insurance industry performance through 2017.
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