12 October 2010

BEIRUT: The annual survey by Al-Bayan magazine of the insurance market in the Arab world shows that the aggregate premiums generated in Lebanon and abroad by Lebanese insurance firms totaled $1.87 billion in 2009, constituting an increase of 14.8 percent from $1.63 billion in 2008, as reported by Lebanon This Week, the Byblos Bank Group’s economic publication.

Premiums generated by 48 Lebanese insurers accounted for 10.1 percent of the total premiums generated by 306 Arab insurance firms last year, compared to 11.4 percent in 2008. Lebanese insurers held the fourth-highest market share in premiums generated, coming behind UAE firms with 20 percent of the market, firms in Saudi Arabia with 16.2 percent, and insurers from Morocco with 14.8 percent of the total.

The MEDGULF Group was the top ranked Lebanese insurer with $675.8 million in premiums generated domestically and abroad, and ranked in third place in the Arab world. It was followed by Arabia Insurance in 19th place regionally ($211 million), Libano-Suisse in 41st place ($105 million), AROPE Insurance in 47th place ($93.6 million), Allianz SNA in 55th place ($85.1 million), Bankers Assurances in 65th place ($77 million), Union Nationale in 79th place ($59.2 million), LIA in 80th place ($59 million), Libanaise in 91st place ($49.6 million), AXA Middle East in 93rd place ($49 million), ADIR in 94th place ($47 million), Fidelity in 107th place ($37.4 million), Bancassurance in 115th place ($34.8 million), Assurex in 133rd place ($24.8 million), and Mashrek Insurance in 138th place ($23.2 million) as the top 15 Lebanese insurers. 

In parallel, the survey included 13 Lebanese insurers among the top 150 Arab insurance firms in terms of assets. The MEDGULF Group ranked in ninth place with $1.18 billion in assets at the end of 2009. It was followed by Arabia Insurance in 34th place ($350 million), AROPE in 40th place ($262 million), LIA in 46th place ($212.5 million), Bancassurance in 59th place ($169.4 million), Libano Suisse in 59th place ($67 million), Union Nationale in 82nd place ($110.4 million), ADIR in 88th place ($100.5 million), CLA in 96th place ($87.8m), Libanaise in 102nd place ($80.1 million), AXA Middle East in 113th place ($63.4 million), SOGECAP in 126th place ($53.4 million) and Mashrek Insurance in 149th place ($42.8 million). The aggregate assets of the 13 firms reached $2.4 billion at end-2009.

Further, the survey included 20 Lebanese insurers among the top 150 Arab insurance firms in terms of profits. – The Daily Star

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