Non-Life Insurance in Lebanon, Key Trends and Opportunities to 2020

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Published: July 27, 2017 Report Code: GD-IS1530MR-ST

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GlobalData’s 'Non-Life Insurance in Lebanon, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Lebanese non-life insurance segment, and a comparison of the Lebanese insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lebanese economy and demographics, explains the various types of natural hazard and their impact on the Lebanese insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Lebanon:

• It provides historical values for the Lebanese non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Lebanese non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Lebanese non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Lebanon.

• It analyzes various natural hazards and their impact on the Lebanese insurance industry

• It profiles the top non-life insurance companies in Lebanon, and outlines the key regulations affecting them.

Key Highlights

• In 2017, a memorandum of understanding (MoU) was signed between the Egyptian International Trade Point and the Lebanese Trade Information Center for the exchange of information on products and services.

• In January 2017, the Central Bank of Lebanon reduced the bank loan interest rate from 5.0% to 3.0%, which will increase property purchases and generate business for insurers.

• In July 2016, construction activity increased by 21.5%, due to the improved political situation and reduced interest rates on loans.

• In 2015, cybercrime-related loss was valued at LBP18.1 billion (US$12.0 million).

• The Lebanese insurance industry comprises many small and medium insurers, due to low minimum paid-up capital of LBP2.2 billion (US$1.5 million).

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Lebanese non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Lebanese non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Lebanese insurance industry, and their impact on companies and the industry's future.

The Mediterranean & Gulf Insurance & Reinsurance Co.
Bankers Assurance
Axa Middle East
Fidelity Assurance & Reinsurance Company
Libano-Suisse Insurance SAL
Allianz SNA (Société Nationale d’Assurances)
LIA Insurance SAL
Arope Insurance
Continental Trust Insurance & Reinsurance Company
AL Mashrel Insurance & Reinsurance SAL

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct marketing

6.1.4 Bancassurance

6.1.5 E-commerce

7 NATURAL AND MAN-MADE HAZARDS

7.1 Flooding

7.2 Storms

7.3 Earthquakes

7.4 Wildfires

7.5 Man-made Hazards

7.6 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 The Mediterranean and Gulf Insurance and Reinsurance Company – company overview

8.1.2 Bankers Assurance Company – company overview

8.1.3 Axa Middle East Insurance Company – company overview

8.1.4 Fidelity Assurance & Reinsurance Company – company overview

8.1.5 Libano-Suisse Insurance Company – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance (bodily injury only)

9.4.2 Work injury cover scheme

9.4.3 Universal health cover scheme

9.4.4 Liability for ship owners in respect of oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Insurance Control Commission

9.5.3 Association des Compagnies d'Assurances au Liban

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Motor Insurance by Product

10.1 Liability Insurance

10.11 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Lebanese Non-Life Insurance – Key Facts, 2015

Table 2: Lebanese Non-Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Lebanese Government Credit Ratings

Table 4: Lebanese Non-Life Insurance – Gross Written Premium (LBP Billion and US$ Billion), 2011–2015

Table 5: Lebanese Non-Life Insurance – Penetration (%), 2011–2015

Table 6: Lebanese Non-Life Insurance – Gross Written Premium (LBP Billion and US$ Billion), 2015–2020

Table 7: Lebanese Non-Life Insurance – Penetration (%), 2015–2020

Table 8: Lebanese Non-Life Insurance – Premium per Capita (LBP and US$), 2011–2015

Table 9: Lebanese Non-Life Insurance – Premium per Capita (LBP and US$), 2015–2020

Table 10: Lebanese Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Lebanese Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Lebanese Non-Life Insurance – Paid Claims (LBP Billion and US$ Billion), 2011–2015

Table 13: Lebanese Non-Life Insurance – Paid Claims (LBP Billion and US$ Billion), 2015–2020

Table 14: Lebanese Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 15: Lebanese Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 16: Lebanese Non-Life Insurance – Total Assets (LBP Billion and US$ Billion), 2011–2015

Table 17: Lebanese Non-Life Insurance – Total Assets (LBP Billion and US$ Billion), 2015–2020

Table 18: Lebanese Non-Life Insurance – Total Investment Income (LBP Million and US$ Million), 2011–2015

Table 19: Lebanese Non-Life Insurance – Total Investment Income (LBP Million and US$ Million), 2015–2020

Table 20: Lebanese Non-Life Insurance – Investment Portfolio (LBP Billion), 2011–2015

Table 21: Lebanese Non-Life Insurance – Investment Portfolio (LBP Billion), 2015–2020

Table 22: Lebanese Non-Life Insurance – Direct Written Premium by Category (LBP Billion), 2011–2015

Table 23: Lebanese Non-Life Insurance – Direct Written Premium by Category (LBP Billion), 2015–2020

Table 24: Lebanese Property Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2015

Table 25: Lebanese Property Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2015–2020

Table 26: Lebanese Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 27: Lebanese Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 28: Lebanese Property Insurance – Paid Claims (LBP Million and US$ Million), 2011–2015

Table 29: Lebanese Property Insurance – Paid Claims (LBP Million and US$ Million), 2015–2020

Table 30: Lebanese Property Insurance – Loss Ratio (%), 2011–2015

Table 31: Lebanese Property Insurance – Loss Ratio (%), 2015–2020

Table 32: Lebanese Motor Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2015

Table 33: Lebanese Motor Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2015–2020

Table 34: Lebanese Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 35: Lebanese Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 36: Lebanese Motor Insurance – Paid Claims (LBP Million and US$ Million), 2011–2015

Table 37: Lebanese Motor Insurance – Paid Claims (LBP Billion and US$ Billion), 2015–2020

Table 38: Lebanese Motor Insurance – Loss Ratio (%), 2011–2015

Table 39: Lebanese Motor Insurance – Loss Ratio (%), 2015–2020

Table 40: Lebanese Liability Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2015

Table 41: Lebanese Liability Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2015–2020

Table 42: Lebanese Liability Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 43: Lebanese Liability Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 44: Lebanese Liability Insurance – Paid Claims (LBP Million and US$ Million), 2011–2015

Table 45: Lebanese Liability Insurance – Paid Claims (LBP Million and US$ Million), 2015–2020

Table 46: Lebanese Liability Insurance – Loss Ratio (%), 2011–2015

Table 47: Lebanese Liability Insurance – Loss Ratio (%), 2015–2020

Table 48: Lebanese Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2015

Table 49: Lebanese Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2015–2020

Table 50: Lebanese Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 51: Lebanese Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 52: Lebanese Marine, Aviation and Transit Insurance – Paid Claims (LBP Million and US$ Million), 2011–2015

Table 53: Lebanese Marine, Aviation and Transit Insurance – Paid Claims (LBP Million and US$ Million), 2015–2020

Table 54: Lebanese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 55: Lebanese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 56: Lebanese Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Table 57: The Mediterranean and Gulf Insurance and Reinsurance Company – Key Facts

Table 58: Bankers Assurance Company – Key Facts

Table 59: Axa Middle East Insurance Company – Key Facts

Table 60: Fidelity Assurance & Reinsurance Company – Key Facts

Table 61: Libano-Suisse Insurance Company – Key Facts

Table 62: Lebanon – Insurance Regulatory Framework Key Features

Table 63: Lebanon – Life Insurance Regulatory Framework

Table 64: Lebanon – Property Insurance Regulatory Framework

Table 65: Lebanon – Motor Insurance Regulatory Framework

Table 66: Lebanon – Liability Insurance Regulatory Framework

Table 67: Lebanon – Third-Party Liability Cover Limits

Table 68: Lebanon – Amendment of Deemed Profit Rates

Table 69: Lebanon – Corporate Tax Rates for the Financial Year 2017

Table 70: Lebanese Insurance Industry – Policies and Premium, 2011–2015

Table 71: Lebanese Insurance Industry – Policies and Premium, 2015–2020

Table 72: Lebanese Non-Life Insurance – Claims and Expenses, 2011–2015

Table 73: Lebanese Non-Life Insurance – Claims and Expenses, 2015–2020

Table 74: Lebanese Non-Life Insurance – Assets and Investments, 2011–2015

Table 75: Lebanese Non-Life Insurance – Assets and Investments, 2015–2020

Table 76: Lebanese Non-Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 77: Lebanese Non-Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 78: Lebanese Non-Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 79: Lebanese Non-Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 80: Lebanese Non-Life Insurance – Property Insurance, 2011–2015

Table 81: Lebanese Non-Life Insurance – Property Insurance, 2015–2020

Table 82: Lebanese Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 83: Lebanese Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 84: Lebanese Non-Life Insurance – Motor Insurance, 2011–2015

Table 85: Lebanese Non-Life Insurance – Motor Insurance, 2015–2020

Table 86: Lebanese Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 87: Lebanese Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 88: Lebanese Non-Life Insurance – Liability Insurance, 2011–2015

Table 89: Lebanese Non-Life Insurance – Liability Insurance, 2015–2020

Table 90: Lebanese Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 91: Lebanese Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 92: Insurance Industry Definitions

Figures

Figure 1: Lebanese Real GDP (LBP Trillion), and Annual Growth (%) 2011–2020

Figure 2: Lebanese Consumer Price Inflation (%), 2011–2020

Figure 3: Lebanese Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: Lebanese Unemployment Rate, 2011–2020

Figure 5: Lebanese Population by Age Group, 1991–2025

Figure 6: Lebanese Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Lebanese Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Lebanese Non-Life Insurance – Gross Written Premium (LBP Billion), 2011–2020

Figure 9: Lebanese Non-Life Insurance – Penetration (%), 2011–2020

Figure 10: Lebanese Non-Life Insurance – Premium per Capita (LBP), 2011–2020

Figure 11: Lebanese Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 12: Lebanese Non-Life Insurance – Paid Claims (LBP Billion), 2011–2020

Figure 13: Lebanese Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Lebanese Non-Life Insurance – Total Assets (LBP Billion), 2011–2020

Figure 15: Lebanese Non-Life Insurance – Total Investment Income (LBP Million), 2011–2020

Figure 16: Lebanese Non-Life Insurance – Investment Portfolio (LBP Billion), 2011–2020

Figure 17: Lebanese Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Lebanese Non-Life Insurance – Direct Written Premium by Category (LBP Billion), 2011–2020

Figure 19: Lebanese Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 20: Lebanese Property Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2020

Figure 21: Lebanese Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 22: Lebanese Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 23: Lebanese Property Insurance – Paid Claims (LBP Million), 2011–2020

Figure 24: Lebanese Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (LBP Billion and %), 2011–2020

Figure 25: Lebanon – Passenger Cars by Country of Origin (Percentage Share), 2016

Figure 26: Lebanon – Total Vehicle Sales, 2011–2016

Figure 27: Lebanese Motor Insurance – Direct Written Premium by Sub-Category (LBP Billion), 2011–2020

Figure 28: Lebanese Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 29: Lebanese Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 30: Lebanese Motor Insurance – Paid Claims (LBP Million), 2011–2020

Figure 31: Lebanese Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (LBP Billion and %), 2011–2020

Figure 32: Lebanese Liability Insurance – Direct Written Premium (LBP Billion), 2011–2020

Figure 33: Lebanese Liability Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 34: Lebanese Liability Insurance – Paid Claims (LBP Million), 2011–2020

Figure 35: Lebanese Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (LBP Billion and %), 2011–2020

Figure 36: Lebanese Goods Exports and Imports (LBP Trillion), 2011–2015

Figure 37: Lebanese Marine, Aviation and Transit Insurance – Direct Written Premium (LBP Billion), 2011–2020

Figure 38: Lebanese Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 39: Lebanese Marine, Aviation and Transit Insurance – Paid Claims (LBP Million), 2011–2020

Figure 40: Lebanese Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (LBP Million and %), 2011–2020

Figure 41: Lebanese – Frequency of Hazards by Type, 1990–2014

Figure 42: Lebanese Mortality by Hazards Type, 1990–2014

Figure 43: Lebanese Economic Loss by Hazards Type, 1990–2014

Figure 44: Lebanese Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 45: Lebanon – Insurance Supervision and Control at Various Levels

Figure 46: Lebanon – Insurance Regulatory Frameworks for Company Registration and Operation

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