Underwriters report 9 % rise in written premiums

The Association of Insurance Companies in Lebanon (ACAL) reported a 9-percent annual increase at the end of June in written insurance premiums to $680.8 million. This surge was fueled by some 23 percent upswing in “Life Insurance Premiums” coupled with a 16-percent hike in “Fire Insurance Premiums.” The report highlighted a rise in the share of non-life insurance premiums to 72.8 percent in the first half of 2012, in comparison with 71 percent in 2011. The share of life insurance premiums fell to 27.2 percent, down from 29 percent in December 2011. The report said “Medical Insurance Premiums” represented the bulk (31.4 percent) of written premiums in the Lebanese insurance sector, followed by “Life Insurance” (27.2 percent), “Motor Insurance” (23.3 percent), “Fire Insurance” (7.5 percent), “Workmen Insurance” (3.1 percent) and “Cargo Insurance” (2.6 percent). From DailyStar