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The Minister of Finance Yassine Jaber met with the Head of the Insurance Control Commission, Nadim Haddad, to discuss the Authority's work and the measures it takes to monitor insurance companies.

The Lebanese Insurance Brokers Syndicate held its annual dinner under the patronage of the Minister of Economy and Trade and the Head of the Insurance Control Commission, with a large gathering of brokers, insurance and reinsurance companies, and government officials in attendance.

During the event, the Head of the Insurance Control Commission Nadim Haddad was honored for his dedication to the sector and the significant progress he has overseen since assuming his position.

Speeches were delivered by the Minister of Economy and Trade, Dr. Amer Bisat, and the Head of the Insurance Brokers Syndicate, Talal Ounsi.

A dinner in honor of the attendees marked the end of the event.

The Insurance Control Commission has published its quarterly report for the insurance market for the fourth quarter 2024.

The report includes several dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies. These forms were analyzed for consistency purposes; however, they were not validated against audited financial statements. Therefore, the figures published are subject to change in the annual report 2024 which will be issued at a later stage.

Nevertheless, the quarterly reports provide initial directional perspectives on the developments in the insurance market in 2024.

The Insurance Control Commission has published its periodical monitoring report related to the Beirut Aug 04 blast, noting that the official report that specifies the cause of the blast and assigns responsibilities has not yet been released.

The Insurance Control Commission has published the list of insurance companies providing coverage for the treatment of the new corona-virus COVID-19 for all or part of their insured members.

The ICC Care team is available to answer your inquiries and intervene as needed at:

Hotline: 01-999069

Whatsapp: 81-999069

Email: icc-care@insurancecommission.gov.lb

The Insurance Control Commission has published the insurance sector annual report for the financial year 2018. The report presents a large number of financial and technical statistics, indicators, and analytics, which the ICC makes available to a large number of stakeholders, including experts, financial analysts, shareholders, and policyholders.

The Insurance Control Commission organized the first internal workshop on IFRS 17, to which local and international experts were conveyed. In the introductory presentation, the Acting Head of the ICC, Mrs. Nadine El Habbal, confirmed that the Commission intends to stage a frontline involvement in the implementation process of the new reporting standard. Mrs. El Habbal confirmed throughout the day that the ICC will propose a largely prescriptive approach with minimum requirements, and issue clear implementation guidelines to help clarify the way forward.

Respective experts from EY, Milliman, and PwC, were invited to contribute to the reflection. The presentations of EY and Milliman provided thorough details on the founding principles of IFRS 17, and the building blocks of their approach. They discussed relevant practical experience from the current implementation streamlines in the Gulf from the respective perspectives of the supervisors and insurance firms. Milliman and PwC experts drew parallels with the approach adopted for the implementation of Solvency II in Europe, and discussed the complementarities and differences between the two standards. PwC focused on the importance of incorporating a risk-based-capital model to complement the implementation of IFRS 17, and expressed the urgency felt to assess the financial condition of insurance companies through modern regulatory approaches.

The ICC plans to continue the reflection in the coming weeks, and to initiate large consultation with the market stakeholders.