1. 2nd Fair Reinsurance Forum Beirut 18-19 September 2018
Max Zaccar
ACAL President
(Association des Compagnies d’assurance au Liban)

2. Our Phoenician ancestors have invented the cuneiform letters

3. We consider that we have started the concept of insurance
How and Why:

5. The Lebanese Insurance Market
Modern time insurance in Lebanon started with foreign agencies
First national insurance company was Al Ittihad Al Watani established in 1947
We are today 49 insurance companies
We are proud to have introduced insurance in most of the Mena region
We presided the GAIF which regroups 360 insurance companies from 20 Arab countries in

6. The Lebanese Insurance Market
We are 49 insurance companies
Total capital and free assets $1.1 billion
Premium income amounts to $1.6 billion
Our market is the most solvent in the world
Average premium per person is $400

7. The Lebanese Insurance Market
We develop at a pace of 4 to 7% yearly
We invest in the economy $4 billion mainly in treasury bonds and banks
We are one of the largest tax payers with about $250 million
We employ 4000 persons

8. The Lebanese Insurance Market
Universities:
From where do we hire all these human resources?
Most of our 11 universities provide courses in insurance and actuarial sciences
One university delivers the renowned ACII course
Another one provides insurance curricula up to the master degree
Moreover, our insurance association delivers in-house training courses

9. The Lebanese Insurance Market
- Lebanon at the front of innovation:
Health insurance was developed as a necessity during civil war
Now it became a full fledged line of business with TPAs
Lately, the guaranteed renewability was introduced, we are the first in the region to provide such compulsory protection to the insured
Other innovations: Compulsory of expat insurance, obligation of industries to insure
Compulsory insurances are the best way to create awareness with the public

10. The Lebanese Insurance Market
- The regulation authority:
Our Insurance Control Commission is linked to the ministry of Economy and Commerce
Although our law goes back to 1968, it has been updated from time to time
The ICC provides on their website all insurance law and provide once a year very detailed information about our market
The ICC is making sure that the consumer is fully protected
The ICC is also protecting the insurance sector by introducing:
Corporate governance
Risk based capital

11. The Lebanese Insurance Market
Our insurance association:
Was established in 1971, it is run by a board of 12 members
With a number of technical committees, it looks after the affairs of the insurance industry
Provides quarterly figures received from the insurance companies
It operates a motor risk center
It works on market awareness
It is in very close contact with the regulator
Most of the different insurance laws are on ACAl website:

12. The Lebanese Insurance Market
Reinsurance:
We have 4 international reinsurers operating from Lebanon
Also, 9 International reinsurance brokers covering the whole region

13. The Lebanese Insurance Market
What about the future?
Lebanon has always been known as a bridge between the east and the west
20% of large African companies and 40% of SME are held by Lebanese
Iranian market will also be a great opportunity when sanctions are cancelled
We should also take into consideration the reconstruction of Arab countries in particular our Syrian neighbor

14. The Lebanese Insurance Market
Within few years we will have an Oil & Gas industry
We need to develop cyber insurance as well as electronic insurance
We strongly encourage worldwide insurers to enter Lebanese market by taking a share in one of the Lebanese insurance companies

15. Thank You