The Insurance Industry in Lebanon to 2017:Industry Trends, Size and Shares Research Report
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The Insurance Industry in Lebanon to 2017:Industry Trends, Size and Shares Research Report
1. The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017
Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Lebanon, including:
The Lebanese insurance industry’s growth prospects by insurance segments and categories The competitive landscape in the Lebanese insurance
industry The current trends and drivers of the Lebanese insurance industry Challenges facing the Lebanese insurance industry Detailed regulatory framework of
the Lebanese insurance industry A benchmarking section on the Lebanese insurance industry in comparison to other countries in the Middle East region
Executive summary
Lebanon’s insurance industry is one of the most developed in the Middle East region. Foreign insurers have a considerable presence in the
country’s insurance industry due to the government’s liberal regulatory regime. In terms of gross written premium, the industry posted a
review-period (2008−2012) compound annual growth rate (CAGR) of 10.5%. The gross written premium was equivalent to 3.13% as a percentage of
GDP in 2012. The minimum paid-up capital required for insurers to operate in the Lebanese insurance industry is US$1.5 million. On account of the lower capital
threshold, there are more than 50 operational insurers in the industry resulting in intense completion. Pressure is mounting on regulatory authorities to increase
the minimum paid up capital requirements.
Scope
This report provides a comprehensive analysis of the insurance industry in Lebanon:
It provides historical values for the Lebanese insurance industry for the report’s 2008–2012 review period and projected figures for the
2012–2017 forecast period. It offers a detailed analysis of the key segments and categories in the Lebanese insurance industry, along with forecasts until
2017. It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total
investment income and retentions. It profiles the top insurance companies in Lebanon, and outlines the key regulations affecting them.
Reasons to buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Lebanese insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Lebanese insurance industry. Assess the competitive dynamics in the
Lebanese insurance industry. Identify the growth opportunities and market dynamics within key segments. Gain insights into key regulations governing the
Lebanese insurance industry and its impact on companies and the industry's future.
Key highlights
The country was rated 48th globally and first in the Middle East and North African (MENA) region, in terms of insurance penetration by Swiss Re in 2013 The
life segment was led by the individual life category, followed by the endowment category with respective segment shares of 59.2% and 40.8% The non-life
segment was led by the motor insurance category, followed by property insurance, marine, aviation and transit insurance, and general liability insurance The
industry comprises many small insurers due to the minimum paid-up capital being only US$1.5 million The industry is highly competitive with 52 operational
insurers present in 2012 The life segment is highly concentrated with the five leading insurers representing 65.6% of the total life gross written premium collected
in 2012
table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance – Regional Benchmarking
3.2.1 Scale And Penetration
3.2.2 Growth
3.2.3 Efficiency And Risk
3.3 Non-life Insurance – Regional Benchmarking
3.3.1 Scale And Penetration
3.3.2 Growth
3.3.3 Efficiency And Risk
3.4 Personal Accident And Health Insurance – Regional Benchmarking
3.4.1 Scale And Penetration
3.4.2 Growth
3.4.3 Efficiency And Risk
4 Lebanese Insurance Industry Overview
4.1 Lebanese Insurance Industry
The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017
2. 4.2 Key Industry Trends And Drivers
4.3 Challenges
5 Life Insurance
5.1 Life Insurance Growth Prospects
5.1.1 Individual Life Insurance
5.1.2 Individual Endowment Insurance
5.1.3 Individual Unit-linked Insurance
5.2 Life Insurance Growth Prospects By Product Type
5.2.1 Individual Single-premium Policies
5.2.2 Individual Non-single Premium Policies
6 Non-life Insurance
6.1 Non-life Insurance Growth Prospects
6.2 Property Insurance
6.2.1 Fire And Allied Perils Insurance
6.2.2 Engineering Insurance
6.2.3 Other Property Insurance
6.3 Motor Insurance
6.3.1 Motor Hull
6.3.2 Motor Third-party
6.4 General Liability Insurance
6.5 Transit Insurance
7 Personal Accident And Health Insurance
7.1 Personal Accident And Health Insurance Growth Prospects
7.1.1 Personal Accident Insurance
7.1.2 Health Insurance
8 Reinsurance
9 Analysis By Distribution Channel
9.1 Life Insurance
9.1.1 Direct Marketing
9.1.2 Bancassurance
9.1.3 Agencies
9.1.4 E-commerce
9.1.5 Brokers
9.1.6 Other Channels
9.2 Non-life Insurance
9.2.1 Direct Marketing
9.2.2 Bancassurance
9.2.3 Agencies
9.2.4 E-commerce
9.2.5 Brokers
9.2.6 Other Channels
9.3 Personal Accident And Health Insurance
9.3.1 Direct Marketing
9.3.2 Bancassurance
9.3.3 Agencies
9.3.4 E-commerce
9.3.5 Brokers
9.3.6 Other Channels
10 Governance, Risk And Compliance
10.1 Legislation Overview And Historical Evolution
10.2 Legislation Trends By Type Of Insurance
10.2.1 Life Insurance Regulatory Trends
10.2.2 Property Insurance Regulatory Trends
10.2.3 Motor Insurance Regulatory Trends
10.2.4 Liability Insurance Regulatory Trends
10.2.5 Marine, Aviation And Transit Insurance Regulatory Trends
The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017
3. 10.2.6 Personal Accident Insurance Regulatory Trends
10.2.7 Health Insurance Regulatory Trends
10.3 Compulsory Insurance
10.3.1 Compulsory Motor Third-party Liability Insurance
10.3.2 Compulsory Work Injury Coverage
10.3.3 Universal Health Coverage Scheme
10.4 Supervision And Control
10.4.1 International Association Of Insurance Supervisors
10.4.2 Insurance Control Commission
10.5 Non-admitted Insurance Regulatory Trends
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market Practices
10.5.4 Fines And Penalties
10.6 Company Registration And Operations
10.6.1 Types Of Insurance Organization
10.6.2 Establishing A Local Company
10.6.3 Foreign Ownership
10.6.4 Types Of License
10.6.5 Capital Requirements
10.6.6 Solvency Margins
10.6.7 Reserve Requirements
10.6.8 Investment Regulations
10.6.9 Statutory Return Requirements
10.6.10 Fee Structure
10.7 Taxation
10.7.1 Insurance Premium Or Policy Taxation
10.7.2 Corporate Tax
10.7.3 Vat
10.7.4 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access To Court
10.8.3 Alternative Dispute Resolution (adr)
11 Competitive Landscape
11.1 Overview
11.2 Leading Companies
11.2.1 Medgulf S.a.l. – Company Overview
11.2.2 Allianz Sna – Company Overview
11.2.3 Metlife Alico – Company Overview
11.2.4 Arope Insurance – Company Overview
11.2.5 Bankers Assurance – Company Overview
12 Economic Indicators
12.1 Market Capitalization Trend – Beirut Stock Exchange, Lebanon
12.2 Gdp At Constant Prices (us$)
12.3 Gdp Per Capita At Constant Prices (us$)
12.4 Gdp At Current Prices (us$)
12.5 Gdp Per Capita At Current Prices (us$)
12.6 Inflation Rate
12.7 Exports As A Percentage Of Gdp
12.8 Imports As A Percentage Of Gdp
12.9 Total Internet Subscribers
12.10 Labor Force
12.11 Total Population
12.12 Urban And Rural Population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Disclaimer
The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017
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The Insurance Industry in Lebanon, Key Trends and Opportunities to 2017