The insurance authority in Lebanon, the Insurance Control Commission, has announced that it is allowing the Lloyd's market to conduct business in the country through general management agents and coverholders.
This move is expected to contribute positively to the growth of Lebanon's insurance sector by facilitating contact with some of the world's leading reinsurers, according to local media reports. At the same time, it is expected to strengthen the broking sector in Lebanon, through high technical skills and practical standards that enhance transparency.
The announcement last Friday was followed by a meeting of Lloyd's with a number of Lebanese insurance companies and representatives from the brokerage sector. The meeting was attended by several members of the Lloyd's market in the Middle East. The meeting aimed to facilitate communication between Lloyd's members and the local market.