Life Insurance in Lebanon Key Trends and Opportunities to 2020

Published: Jul, 2017 | Pages: 84 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Life Insurance in Lebanon Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Lebanese life insurance segment, and a comparison of the Lebanese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lebanese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Lebanon Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Lebanese life insurance segment, including:

• An overview of the Lebanese life insurance segment

• The Lebanese life insurance segment’s growth prospects by category

• A comprehensive overview of the Lebanese economy and demographics

• A comparison of the Lebanese life insurance segment with its regional counterparts

• The various distribution channels in the Lebanese life insurance segment

• Details of the competitive landscape in the life insurance segment in Lebanon

• Details of regulatory policy applicable to the Lebanese insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Lebanon:

• It provides historical values for the Lebanese life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Lebanese life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Lebanese life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Lebanon.

• It profiles the top life insurance companies in Lebanon and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Lebanese life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Lebanese life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Lebanese insurance industry, and their impact on companies and the industry's future.

Key Highlights

• In 2016, Bancassurance SAL launched a new retirement plan to target the aging population. 

• Allianz SNA SAL provides the Jana retirement saving plan, in collaboration with BBAC Bank. 

• In 2016, Arope Insurance announced a strategic partnership with BoB Finance, in collaboration with Beirut Brokers.

• As of 2015, life insurers must have a minimum paid-up capital of LBP2.3 billion (US$1.5 million) to operate in Lebanon. 

• The civil war in Syria negatively affected the Lebanese economy and insurance industry during the review period.

• In 2015, the Insurance Control Commission (ICC) initiated the provision of soft loans as incentives to encourage mergers and acquisitions.

 Table of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments

5 OUTLOOK
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 MetLife Alico Lebanon – company overview
7.1.2 Bancassurance SAL – company overview
7.1.3 Allianz SNA SAL – company overview
7.1.4 Adonis Insurance and Reinsurance Co. SAL – company overview
7.1.5 LIA Insurance SAL – company overview

8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance (bodily injury only)
8.4.2 Work injury cover scheme
8.4.3 Universal health cover scheme
8.4.4 Liability for ship owners in respect of oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Insurance Control Commission
8.5.3 Association des Compagnies d'Assurances au Liban
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution

9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Linked vs. Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

List Of Tables

Table 1: Lebanese Life Insurance – Key Facts, 2015
Table 2: Lebanese Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Lebanese Government Credit Ratings
Table 3: Lebanese Life Insurance – Gross Written Premium (LBP Billion and US$ Billion), 2011–2015
Table 4: Lebanese Life Insurance – Penetration (%), 2011–2015
Table 5: Lebanese Life Insurance – Gross Written Premium (LBP Billion and US$ Billion), 2015–2020
Table 6: Lebanese Life Insurance – Penetration (%), 2015–2020
Table 7: Lebanese Life Insurance – Premium per Capita (LBP and US$), 2011–2015
Table 8: Lebanese Life Insurance – Premium per Capita (LBP and US$), 2015–2020
Table 9: Lebanese Life Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 10: Lebanese Life Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 11: Lebanese Life Insurance – Paid Claims (LBP Billion and US$ Billion), 2011–2015
Table 12: Lebanese Life Insurance – Paid Claims (LBP Billion and US$ Billion), 2015–2020
Table 13: Lebanese Life Insurance – Total Assets (LBP Billion and US$ Billion), 2011–2015
Table 14: Lebanese Life Insurance – Total Assets (LBP Billion and US$ Billion), 2015–2020
Table 15: Lebanese Life Insurance – Total Investment Income (LBP Billion and US$ Billion), 2011–2015
Table 16: Lebanese Life Insurance – Total Investment Income (LBP Billion and US$ Billion), 2015–2020
Table 17: Lebanese Life Insurance – Investment Portfolio (LBP Billion), 2011–2015
Table 18: Lebanese Life Insurance – Investment Portfolio (LBP Billion), 2015–2020
Table 19: Lebanese Individual Life Insurance – Direct Written Premium by Category (LBP Billion), 2011–2015
Table 20: Lebanese Individual Life Insurance – Direct Written Premium by Category (LBP Billion), 2015–2020
Table 21: Lebanese Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Table 22: MetLife Alico Lebanon – Key Facts
Table 23: Bancassurance SAL – Key Facts
Table 24: Allianz SNA SAL – Key Facts
Table 25: Adonis Insurance and Reinsurance Co. SAL – Key Facts
Table 26: LIA Insurance SAL – Key Facts
Table 2: Lebanon – Insurance Regulatory Framework Key Features
Table 3: Lebanon – Life Insurance Regulatory Framework
Table 4: Lebanon – Property Insurance Regulatory Framework
Table 5: Lebanon – Motor Insurance Regulatory Framework
Table 6: Lebanon – Liability Insurance Regulatory Framework
Table 7: Lebanon – Third-Party Liability Cover Limits
Table 8: Lebanon – Amendment of Deemed Profit Rates
Table 9: Lebanon – Corporate Tax Rates for the Financial Year 2017
Table 27: Lebanese Life Insurance – Policies and Premium, 2011–2015
Table 28: Lebanese Life Insurance – Policies and Premium, 2015–2020
Table 29: Lebanese Life Insurance – Claims and Expenses, 2011–2015
Table 30: Lebanese Life Insurance – Claims and Expenses, 2015–2020
Table 31: Lebanese Life Insurance – Assets and Investments, 2011–2015
Table 32: Lebanese Life Insurance – Assets and Investments, 2015–2020
Table 33: Lebanese Life Insurance – Individual Life Insurance, 2011–2015
Table 34: Lebanese Life Insurance – Individual Life Insurance, 2015–2020
Table 35: Lebanese Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 36: Lebanese Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 37: Lebanese Life Insurance – Linked vs. Non-Linked Policies, 2011–2015
Table 38: Lebanese Life Insurance – Linked vs. Non-Linked Policies, 2015–2020
Table 39: Insurance Industry Definitions

List of Figures

Figure 1: Lebanese Real GDP (LBP Trillion), and Annual Growth (%) 2011–2020
Figure 2: Lebanese Consumer Price Inflation (%), 2011–2020
Figure 3: Lebanese Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 4: Lebanese Unemployment Rate, 2011–2020
Figure 5: Lebanese Population by Age Group, 1991–2025
Figure 6: Lebanese Life Insurance Penetration – Regional Comparison (%), 2015
Figure 7: Lebanese Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 8: Lebanese Life Insurance – Gross Written Premium (LBP Billion), 2011–2020
Figure 9: Lebanese Life Insurance – Penetration (%), 2011–2020
Figure 10: Lebanese Life Insurance – Premium per Capita (LBP), 2011–2020
Figure 11: Lebanese Life Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 12: Lebanese Life Insurance – Paid Claims (LBP Billion), 2011–2020
Figure 13: Lebanese Life Insurance – Total Assets (LBP Billion), 2011–2020
Figure 14: Lebanese Life Insurance – Total Investment Income (LBP Billion), 2011–2020
Figure 15: Lebanese Life Insurance – Investment Portfolio (LBP Billion), 2011–2020
Figure 16: Lebanese Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 17: Lebanese Individual Life Insurance – Direct Written Premium by Category (LBP Billion), 2011–2020
Figure 18: Lebanese Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020
Figure 19: Lebanese Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 20: Lebanese Individual Life Insurance – Penetration (%), 2011–2015
Figure 21: Lebanese Individual Life Insurance – Penetration (%), 2015–2020
Figure 22: Lebanese Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Figure 23: Lebanon – Insurance Supervision and Control at Various Levels
Figure 24: Lebanon – Insurance Regulatory Frameworks for Company Registration and Operation