Premiums written in the Lebanese market accounted for 5.2% of the total premiums generated in the Arab insurance market in 2016, compared to 5.3% in 2015, according to a report in "Lebanon This Week" by the Economic Research & Analysis Department of Byblos Bank.
Aggregate premiums generated in the Lebanese market totaled US$1.65 billion in 2016, constituting an increase of 4.4% from $1.58 billion in 2015, pointed out the bank's report which is based on an analysis by Al Bayan magazine.
Further, the Lebanese insurance market had the fifth highest level of premiums written among the 19 Arab insurance markets included in the survey, unchanged from the previous year, behind Saudi Arabia ($9.5 billion), the UAE ($6.6 billion), Morocco ($3.4 billion) and Qatar ($2.5 billion).
Also, the aggregate assets of insurers in the Lebanese market reached $5 billion at the end of 2016, constituting an increase of 2.4% from $4.9 billion a year earlier, and representing 5.9% of the total assets of insurers in the Arab region. Also, the total assets of firms operating in Lebanon were the fifth highest among Arab countries, unchanged from the pre- vious year, behind Morocco ($19.4 billion), Saudi Arabia ($14.4 billion), the UAE ($13.7 billion), and Qatar ($13 billion).
Further, the total shareholders’ equity of insurers in the Lebanese market reached $1.15 billion at end-2016, up by 6.7% from $1.1 billion at end- 2015, and accounted for 4.5% of the combined shareholders’ equity of insurers operating in the Arab world. The total capital of companies operating in Lebanon was the seventh highest in the region, behind Morocco ($5.1 billion), Qatar ($4.8 billion), the UAE ($4.3 billion), Saudi Arabia ($3.6 billion), Egypt ($1.5 billion) and Kuwait ($1.2 billion).
In addition, the aggregate profits of insurers in the Lebanese market stood at $140.2 million in 2016, up by 15% from $122.1 million in the previous year, and represented 4.5% of the aggregate net profits of insurers in the region. Net profits generated in the Lebanese insurance market were the sixth highest among insurers operating in the Arab world, behind profits generated by insurers in Egypt ($1.2 billion), Saudi Arabia ($540.4 million), Morocco ($334.2million), Qatar ($276.4 million) and the UAE ($259.4 million).