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Monday 29 Jun 2015 - 16:23 Makkah mean time-12-9-1436
(Image from blog.blominvestbank)
Beirut, (IINA) - Lebanon ranked 65th place among 147 markets in terms of insurance premiums generated in 2014, according to global reinsurer Swiss Re’s annual survey of the global insurance market, The Lebanese Daily Star reported.
Lebanon also came in seventh place among 11 Arab markets that were included in the rankings. It ranked 65th place globally and fifth place regionally in 2013.
Lebanon generated $1.5 billion in total premiums in 2014, constituting a rise of 6.7 percent in nominal terms and an increase of 5.4 percent in real terms from the preceding year.
Total premiums generated in Lebanon last year accounted for 0.03 percent of global premiums, 0.2 percent of premiums generated in emerging markets and 3.1 percent of premiums generated in the Middle East & Central Asia region, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Globally, insurance premiums generated in Lebanon were higher than those produced in Croatia ($1.49 billion) and Panama ($1.3 billion) and lower than those generated in Ecuador ($1.7 billion) and Algeria ($1.6 billion). Also, total premiums in the Lebanese insurance market were higher than those generated in Oman, Kuwait, Tunisia and Jordan among Arab countries.
Lebanon generated $1.08 billion in non-life premiums last year, ranking it in 65th place among the largest 88 markets in terms of premiums and in seventh place among Arab countries. Lebanon’s global and regional ranks remained unchanged year-on-year.
Non-life premiums generated in Lebanon rose by 7.5 percent in nominal terms and by 6.1 percent in real terms in 2014. Globally, non-life premiums generated in Lebanon were higher than those produced in Kazakhstan ($1.05 billion) and Costa Rica ($1.01 billion), and lower than those generated in Angola ($1.11 billion) and Egypt ($1.08 billion).
In parallel, Swiss Re estimated Lebanon’s insurance density, or premiums per capita, at $308 million in 2014, which ranks the market in 52nd among the 88 markets and in third place in the Arab world. Globally, Lebanon had a higher insurance density than Kuwait ($291) and Saudi Arabia ($277) and a lower density than Panama ($342) and Thailand ($323); while it had a lower density than only Qatar and the UAE in the region. The survey estimated Lebanon’s non-life density at $220 and life density at $88 in 2014.
Lebanon posted penetration rates of 1 percent of GDP and 2.4 percent of GDP in the life and non-life categories, respectively, last year.
SM/IINA
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