2013年-世界发展银行全球_Lebanon_-_The_Insurance_Sector___A_Market_and_Risk_Based_Review_17页_1mb

报告摘要

This Technical Note summarizes the findings of the Financial Sector Assessment Program (FSAP) review of the insurance sector in Lebanon.
The main objectives of the assessment were to evaluate the sector's performance, structure, and its potential to grow and contribute to the economy.
The note focuses on the "developmental" objective, emphasizing the need for sector improvement through better regulation and supervision.
The insurance sector is relatively large compared to other regional markets but small by global standards.
The sector has grown in both nominal and real terms, driven by motor and medical insurance, and life insurance through the development of a Bancassurance model.
The sector has developed through an evolutionary process rather than significant innovation, making it more reactive than proactive.
The current insurance law is outdated and lacks proportionality in regulation, which hinders the sector's efficiency and growth.
The Insurance Control Commission (ICC) has made strides in supervision and consumer protection, but its capacity needs further development.
There is an opportunity to increase market penetration, especially in longer-term insurance products, but this requires a modernized insurance law.
The sector faces challenges in risk management, pricing, and technical capacity, which need to be addressed to support sustainable growth.

Insurance Penetration in Lebanon stood at 2.84% in 2012, with Insurance Density at $301 in USD.
The sector is in a developing stage, transitioning from a nascent to a mature market.
Non-life insurance has shown stronger growth compared to life insurance.
Lebanon's insurance market has grown independently of global pricing cycles, indicating a resilient non-life sector.
The growth is attributed to factors such as improved provisioning, reduced fraud, and increased insurance utilization.

Non-life insurance represented the majority of the sector, with a significant increase in gross premiums from 2006 to 2012.
Life insurance accounted for about 30% of total premium income but has been less dynamic.
Medical and motor insurance have driven growth due to their lower reinsurance requirements and increased demand.
Life insurance is dominated by short-term risk products rather than long-term savings products, due to uncertainty in the broader economic environment.
Taxes have acted as a constraint on sector development, especially for life insurance savings and investment products.

There are 55 insurers in Lebanon in 2012, with only five dedicated life insurers.
Competition is intense, reflected by low Herfindahl Index values, indicating low market concentration.
Bancassurance and Lebanon Post are emerging as alternative distribution channels.
Small insurers often operate like family brokerage firms, with limited risk retention and a focus on low-risk products.
Consolidation is expected but has not occurred due to cultural and non-economic motivations.
A modernized insurance law with proportionate regulation is seen as a more effective solution than reducing the number of insurers.

The sector has a material reliance on reinsurance, which is essential for capacity.
Catastrophic risk exposure, particularly from earthquakes, is highlighted in CatNet maps.
Catastrophic risk management remains underdeveloped, with limited understanding of such exposures.

Financial performance ratios show mixed results, with non-life insurance generally performing better.
Profit trends by class of insurance indicate non-life insurance has a more stable and growing profit margin.
Solvency and capital regulation are antiquated, and intervention powers are insufficient.
Actuarial capacity is limited, and prudent provisioning is still a challenge for many insurers.

Sector initiatives should be integrated with supervisory functions to enhance technical capacity and risk management.
Analytical studies should focus on risk exposure, economic capital, and risk management approaches.
Improving the risk rating system and integrated risk management is essential for long-term stability.
Consumer protection efforts have been successful, and distribution requirements can be refined without legal reform.
Insurance law reform is a high priority to align with international norms and support sustainable development.
Proportionality in regulation can be introduced at the distribution level until the law is updated.
Modernization of the insurance law is long overdue and should include risk-based approaches, structured rule-making, and corporate governance improvements.