“Al Bayan Economic” magazine, the specialized banking, insurance & shipping pan-Arab monthly magazine, published in its May 2023 issue (Issue No. 618) an overview on the non-life insurance premiums collected by the 38 insurance companies operating in Lebanon in the year 2022. More specifically, the article unveiled that non-life insurance premium collections rose by 18.9% in the year 2022 to almost LBP 2,443 billion ($1.62 billion at the then prevailing official exchange rate of LBP 1,507.5 per USD), from around $1.36 billion in 2021. Non-life insurance premium collections had widened by 16.2% in 2021, 2.0% in 2020, while they narrowed by 0.3% in 2019 after the 3.4% rise in 2018.

The ten largest insurance companies operating in Lebanon amassed 69.20% of non-life premium collections in 2022, with the twenty largest companies controlling a stake of 88.48%. Bankers detained the lion’s share (19.35%) of total non-life insurance premiums in 2022, followed by Fidelity (8.10%), Medgulf (7.67%), and Metlife (7.64%).

The largest increase in non-life insurance premiums in the year 2022 was reported by Metlife (204.26%), followed by CIG (149.80%) and Bankers (99.65%). It is worth noting that 10 out of the top 20 insurance companies operating in Lebanon witnessed an improvement in non-life insurance premium in the year 2022, with the remaining 10 companies suffering a contraction.