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Freedom of insurance
Photo by: Greg Demarque/Executive
The Lebanese insurance industry seems to be in need of new energy. Not only in terms of its objective to participate in the covers of the future oil and gas industry, but also in its fundamental development of company structures and legal infrastructure.
With low growth in insurance premiums – some 4 percent in 2015 according to the annual report by the insurance association and also 4 percent by the end of the third quarter of 2016 in year-to-date terms – insurers are hanging on, some perhaps by the skin of their teeth. It seems that 2015 and 2016 were two of the most difficult years in terms of growth since the old insurance law was updated – but hardly made fit for modern times – in a lengthy process in the 1980s and 1990s.
President Biden’s May 20, 2021, executive order laid out an aggressive plan to address climate change risk, including a set of directives that will have a major impact on the operations of federal government and on regulation of financial markets participants.