The Insurance Control Commission organized an introductory lunch for the Minister of Economy and Trade, HE Mr. Mansour Bteich with the insurance sector.
The Insurance Control Commission organized an introductory lunch for the Minister of Economy and Trade, HE Mr. Mansour Bteich with the insurance sector. At this occasion, HE spoke about the role of the insurance sector as a major pillar in the financial services industry. He indicated that the sector achieved a growth of 3% during 2018, where the gross written premium reached around 1.7bn USD. Growth was pressured by the prevailing economic situation across the region and the political deadlock that prevailed in Lebanon since the last parliamentarian elections.
HE presented the strategy for the insurance sector in the coming period, which will focus on the implementation of solvency quantification through a risk-based-capital regime, the enforcement of sound governance in line with best international practices, the incentivisation of mergers to create larger insurance institutions capable of providing enhanced service to policyholders, the improvement of transparency particularly with regards to compulsory insurance contracts and the related commissions, and the establishment of a prosperous environment for the protection and savings business. Minister Bteich assured the audience on the continued independence of the supervisory work, regardless of all political considerations and in line with international standards and objective technicalities.
The Acting Head of the Insurance Control Commission had introduced the encounter by a welcome note, in which she focused on the need to reclaim the pioneering role of Lebanon in the insurance industry across the region, through the implementation of the best supervisory standards; the sector’s sustainable growth would be hence fostered, and this would enable him to provide proper health and economic protection, and carry the savings to the children and grand-children from generation to generation.