Over the past few years, the Insurances market in Lebanon has been witnessing significant developments and changes. Customer preferences in the insurance market in Lebanon are shifting towards more comprehensive coverage options that provide a wide range of benefits. Customers are increasingly looking for policies that offer not only traditional coverage such as health and life insurance but also additional services like travel insurance and car insurance. This trend is in line with global market preferences where customers seek more value and customization in their insurance packages. Trends in the market show a growing demand for digital insurance services in Lebanon. Insurers are increasingly focusing on digital transformation to enhance customer experience, streamline processes, and offer more personalized services. This trend is driven by the increasing use of technology in the insurance industry globally, as digital platforms provide convenience and accessibility to customers. Local special circumstances in Lebanon, such as the economic and political instability in the country, have had an impact on the insurance market. The uncertainty in the local market has led to a greater emphasis on insurance products that offer stability and security to customers. As a result, there has been a growing interest in insurance products that provide financial protection and stability in times of crisis. Underlying macroeconomic factors, such as inflation and currency devaluation, have also influenced the insurance market in Lebanon. These factors have led to an increased focus on the importance of insurance as a risk management tool for individuals and businesses. As economic conditions remain uncertain, insurance products that offer financial security and protection against unforeseen events are becoming more essential for customers in Lebanon.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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