Lebanon Insurance Report - Business Monitor International - Industry Reports

Lebanon Insurance Report

Lebanon Insurance Report - Business Monitor International - Industry Reports
Lebanon Insurance Report
Published Jan 26, 2015
94 pages — Published Jan 26, 2015
Price US$ 1,295.00  |  Buy this Report Now

About This Report

  
Abstract:

BMI View: Insurers in Lebanon and Jordan face some key risks during our forecast period through to ----, including downwards pressure on pricing caused by intense competition within a fragmented marketplace and demographic challenges. In Lebanon, economic uncertainty and currency fluctuations mean we expect to see overall contractions in life and non-life insurance by ----. ...The key driver of this growth is economic expansion. Healthy domestic economic growth in Jordan, boosted by falling global oil prices, will increase household consumption and demand for products that fill in the gaps in under pressure government services such as health insurance and personal accident cover. Indeed health insurance, which dominates the non-life sector in Lebanon and accounts for over a quarter of premiums in Jordan, will be an outperformer - providing opportunities for both non-life insurers and private healthcare providers. ...Foreign investors may however be hesitant to enter the market in light of the volatile regional security situation, where conflict in Iraq and Syria is having an ongoing negative effect on economies in the region. This does present some opportunities for product innovation, for instance Arab Orient recently introduced Political Violence

...Insurance, however terrorism/war risk covers are minor lines in both the Jordanian and Lebanese markets and overall we would expect the market to remain fragmented for the time being. Recent developments A report published by Impact Forecasting in early ---- indicated that the winter storms which had swept across the Middle East in December ---- had killed at least -- people and had caused claims amounting to USD---mn in eight countries, including Jordan and Lebanon. ...Recent developments A report published by Impact Forecasting in early ---- indicated that the winter storms which had swept across the Middle East in December ---- had killed at least -- people and had caused claims amounting to USD---mn in eight countries, including Jordan and Lebanon. In mid-December ----, the head of the Association des Compagnies d Assurances au Liban (ACAL - the trade association in Lebanon) warned that profits for the entire sector in ---- would be -- lower than in ----, thanks to increased motor insurance accident claims and intense price competition. The Jordanian Ministry of Industry, Trade and Supply (MITS) has cancelled the exclusivity granted to one insurance company to sell domestic helpers insurance paving the way for an open market. The move is aimed at promoting competition in all production and service sectors in the country and to offer more choices to the public. In light of escalating motor claims, insurance companies in Jordan have proposed to replace mandatory motor insurance by insurance for the declared driver, aimed at lowering large losses in compulsory motor insurance.

...Both Lebanon and Jordan have extremely resilient insurance sectors which have flourished in spite of significant economic and political challenges. Given the problems in Lebanon over the long-term, the development of life insurance - which requires customers to engage in multi-year contracts - is especially encouraging. ...

  
Source:
Document ID
1757-465X
Country
Industry
Format:
PDF Adobe Acrobat
Buy Now

Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

About the Author


Cite this Report

  
MLA:
Business Monitor International - Industry Reports. "Lebanon Insurance Report" Jan 26, 2015. Alacra Store. Dec 10, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Lebanon-Insurance-Report-2026-715>
  
APA:
Business Monitor International - Industry Reports. (2015). Lebanon Insurance Report Jan 26, 2015. New York, NY: Alacra Store. Retrieved Dec 10, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Lebanon-Insurance-Report-2026-715>
  
US$ 1,295.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Market Research from one place.