Market spotlight

Libya

Libya dam bursts: Climate change is not always the villain

Climate change alone cannot be labelled as the cause of the failure of two dams in Derna, Libya in September 2023. It was a mix of sociopolitical chaos, neglected and ageing infrastructure, catastrophic cyclonic landfall, poor crisis management and perhaps climate change as well that led to a death toll of over 8,000 and wiped out around a quarter of the city.

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Libya: A post-crisis boom hampered by outdated regulations

In 2020, a review by the World Bank Group described Libya’s insurance market as ‘weak and disorganised’. Despite the challenges of such a market, the number of insurance companies in Libya more than doubled from 22 to 45 over the past year. According to industry insiders, this growth brings a new set of problems.

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