The insurance sector, like many other sectors of the Lebanese economy, has been inevitably under the strain of local and regional turmoil. In Lebanon, the resignation of Prime Minister Saad Hariri in November 2017 raised many question marks and sparked high demand on the dollar. Fortunately, the market scare was short-lived and controlled once the Prime Minister put his resignation on hold. Regionally, the Syrian war and its spillovers into Lebanon are still ongoing; Lebanon hosts over 1.5 million Syrian refugees.
In spite of some setbacks, the Lebanese insurance sector has remained resilient in the face of regional and local headwinds. This is shown by the slower growth rates registered by both claims and premiums. However, it is normal for the sector to slow down under the general economic gloom and the political instability.
Insurance Sector in 2017