The insurance law in Libya needs to be amended and updated to keep pace with market developments, especially legislation in neighboring countries, according to the secretary-general of the Libyan Federation of Insurance Companies Mr Ali Ammar Regae.
The board of directors of the Insurance Supervisory Authority (ISA) have discussed applications for the establishment of a reinsurance company.
Instability and violence across the Middle East are still the main risks to the regional economic outlook, says the September 2020 Political Risk Quarterly Update.
The Insurance Institute of Egypt has signed a cooperation agreement with Benghazi-based Libyan Insurance Assurance Company, to provide training for employees and clients of the Libyan company.