2023-10-26 21:00:00
Figures issued by the Insurance Bodies Supervision Committee in Lebanon indicated that insurance premium revenues for 46 insurance companies in Lebanon amounted to 2,456.4 billion pounds in 2022, a decrease of 4.5% from 2,573.1 billion pounds in 2021.
In terms of the ranking of the five largest companies on the insurance premiums index, Bankers Assurance came in first place, with its total premiums reaching 261 billion liras in the year 2022, followed by Fidelity Assurance & Reinsurance with 206.4 billion liras, MEDGULF with 200.2 billion liras, and MetLife ALICO with 172.4 billion liras. billion liras, and LIA Assurex with 172.3 billion liras. Adonis Insurance and Reinsurance co. (ADIR), a subsidiary of Byblos Bank, ranked 15th, with the value of its premiums reaching 50.5 billion pounds in the year 2022. According to the details contained in the weekly economic report of the Byblos Bank Group, Lebanon This Week, the composition of the 10 largest insurance companies changed from the year 2021, and the Securité ranking advanced. Assurance rose from 13th to 7th place, Fidelity Assurance & Reinsurance rose three places to 2nd place, and LIA Assurex and Libano-Suisse moved up one place to 5th and 10th, respectively, last year. In contrast, Allianz SNA fell by three places and MEDGULF by one place to sixth and third place, respectively, in 2022.
In addition, the ratings of Bankers Assurance, MetLife ALICO, AXA Middle East, and Arope Insurance remained unchanged in 2022.
In addition, four of the top ten companies reported an increase in premium revenue in 2022. Securité Assurance’s gross written premiums rose 66%, followed by a 25.7% increase in premiums for Fidelity Assurance & Reinsurance, and an 8.4% rise in gross Premiums written for Arope Insurance, and a 1.6% increase in premiums for MEDGULF. In contrast, Allianz SNA’s GWP fell by 29.5% in 2022, followed by a 13.5% decline in premiums for AXA Middle East and LIA Assurex, a 9% decline in Libano-Suisse’s GWP, and a 6.6% decline. % in MetLife ALICO premiums, and a 3.7% decrease in Bankers Assurance premiums. The top ten companies accounted for 64.4% of the total insurance premiums in the year 2022, compared to 64.2% in the year 2021, while the share of the top twenty companies amounted to 85.4% of the total written premiums in the year 2022, compared to 87.3% in the year 2021.
In parallel, the total compensation paid by insurance companies reached 2,333.8 million liras in the year 2022, representing an increase of 27% from 1,838.1 billion liras in the year 2021. Moreover, acquisition expenses for the insurance sector amounted to 493.7 billion liras in the year 2022 compared to 463.2 billion liras. One billion liras in 2021, while administrative costs amounted to 506.4 billion liras in 2022 compared to 385.2 billion liras in 2021. Also, net investment income for the insurance sector reached 56.9 billion liras in 2022 compared to 130.7 billion liras in 2021. In addition, the percentage of total compensation paid amounted to 95% of the total insurance premiums last year compared to 71% in the year 2021. The percentage of acquisition and management expenses amounted to 41% of the total insurance premiums in the year 2022 compared to 33% in the previous year. The percentage of net investment income was 2% of total insurance premiums last year compared to 5% in 2021.
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