The insurance market in Lebanon is relatively well developed and most sectors are expected torecord further growth in premiums, supported by wider economic growth and product developments.
Structural constraints, such as low average household income levels and a fragmented competitivelandscape, particularly in the non-life sector, will however remain barriers to growth. The market wouldbenefit from regulatory reforms and consolidation among some of the smaller providers in order to improvetransparency and stability and increase confidence for both investors and consumers.
Latest Updates And Key Forecasts
The Lebanese government is committed to the expansion of the insurance industry and the country'sEconomic Minister Raed Khoury recently stated an aim of increasing total written premiums to overUSD4.5bn over the coming years, which would mark a substantial increase from current volumes.