“Al Bayan Economic” magazine published in its March 2022 issue (Issue No. 604) an overview on the life insurance premiums collected by the 29 life insurance companies operating in Lebanon in the year 2021. More specifically, the article unveiled that life insurance premium collections dropped by 13.80% in 2021 to $369.28 million, from $428.42 million in 2020. “Al Bayan” also noted that as a result of the depreciation of the LBP to USD exchange rate where the dollar surpassed the 32,000 LBP mark, life insurance companies had to come up with new products in fresh dollars, while they also provided insured clients with the option to switch to fresh dollars payments or LBP or make installments in USD denominated checks.

From another perspective, and according to the article, the ten largest insurance companies operating in Lebanon amassed 86.2% of life insurance premiums in the year 2021. The share of the ten largest companies of the combined life and non-life premium collections stood at 65.2%, with the twenty largest companies controlling a stake of 88.7%. Among said companies, Bankers topped the list of insurance companies, with its life and non-life premium collections aggregating to $179.81 million (21.6% y-o-y increase), followed by LIA Assurex ($135.57 million; 2.9% y-o-y drop), Medgulf ($130.86 million; 11.1% y-o-y increase), and Allianz SNA ($130.52 million; 3.8% y-o-y drop), only to name a few. 

The largest annual expansion in life insurance premium collections came in favor of Amana (31.0%), followed by Bancassurance (7.2%), Bankers (5.5%), and Securite (4.7%). It is worth noting that only 5 out of the 29 companies managed to grow their life insurance premium collections in 2021, while 21 suffered annual contractions, and 3 reported no change in their life insurance premiums.