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Lebanon Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 20
Lebanon's insurance sector is more significant economically, more advanced, and more innovative than those of its Arab neighbors. Also, the insurance sector is open and liberal supported by the free market economy. Private players hold the lead with highest shares as there is less government intervention. The life insurance segment is relatively smaller in size as compared with the non-life insurance segment, mainly because of the lack of government intervention and laws. Besides registering the highest insurance penetration rate in the MENA region, the Lebanese insurance industry also recorded a healthy premium growth. Lebanon is one of the only seven countries in the world which scored profits in 2008 due to its free economy structure and control of private companies. The continuous growth in its national economy helped the insurance sector to grow with a rising growth rate.
The demand for motor insurance and medical insurance are the major growth drivers for the non-life insurance segment. The large deficit of the governmental system in terms of management and coverage favors the development of several types of insurances activities. Health, auto and life insurance dominate the underwriting of insurance categories in the Lebanese market. The mandatory insurance of every motor vehicle has boosted car insurance sales, which has an influence over the total market. The other forms of insurance (fire, marine and various risks) are developing at a slower pace and remain linked to circumstances. Though the insurance density has grown over years, it remains considerably behind other developing nations. In addition, the penetration rates are low but have increased over the time period.
The present report gives an overview of the insurance market of Lebanon along with an analysis of the Lebanese political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of Lebanon insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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