In line with Lebanon’s free economy, the Lebanese insurance market has always been open and liberal. Moreover, the insurance market witnessed a boom in the 1990’s post to the Lebanese civil war and continued to expand over the years becoming an integral part of the Lebanese economy.
The Life insurance industry plays a major role in the Lebanese economy; noting that the Total life premiums generated in 2021 was $369.28million, compared to $428.42million in 2020.
Thus, the life insurance market decreased by -13.8% in 2021/2020, unlike Bancassurance (+7.2%).
BANCASSURANCE was ranked First bank insurer and second life insurer in terms of Life Insurance in the Lebanese market in 2021.
The top five life insurers in Lebanon accounted for 67% of the market in 2021 out of which Bancassurance share was 19%.