In need of consolidation
While the Lebanese insurance sector continues to witness a perpetual growth, the Ministry of Economy seems to be unsatisfied with the current insurance law “as it doesn’t provide a clear mechanism
for enforcing penalties on insurance companies,” as it said.
The Ministry which calls for the consolidation of the insurance sector through the merger of inadequately managed firms with more liquid insurers admit that the ratification of a modern insurance law, could upgrade the industry’s standards, sates Lebanon this Week, Byblos Bank’s economic publication.
According to the Ministry, many insurance companies are selling policies that do not comply with the Ministry’s rules and regulations,” the publication states.
“It said some insurance are selling polices at significantly reduced prices, which raise questions about their ability to fulfill their financial obligations to clients.”
With a total of 54 licensed insurance companies “, insurance premiums increased by 17 percent to $623.3 million in the first half of 2011. In 2010, overall premiums increased by 13 percent, with non life premiums by 12.2 percent, and life premiums by 14.8 percent from previous year.”
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.