Lebanon's Minister of Economy and Trade, Mr Amer Al-Basat, has unveiled a national strategy to restructure the insurance sector to support economic recovery.
The strategy, titled "Building Resilience: Reforming the Insurance Sector in Lebanon", includes a roadmap structured around three main axes:
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A solid market structure, with the establishment of an organized, responsible sector with robust solvency
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Strengthening the supervisory role by providing the Insurance Control Commission with all the necessary legal and procedural tools
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Access to affordable healthcare, by controlling the inflation of medical costs and ensuring transparency.
Mr Al-Basat announced the reactivation of the National Insurance Council after a nine-year hiatus and the restoration of genuine leadership to the insurance regulatory body through the appointment in July 2025 of the chairman of the Insurance Control Commission, a post assumed by Mr Nadim Haddad. He described these measures as foundational for strategic governance.
He also indicated that work is underway to activate an insurance arbitration board, which will offer a fast-track dispute resolution mechanism to protect policyholders without resorting to costly court proceedings.
Insurance law to be updated
On the legislative front, the Minister confirmed that the ministry is preparing to replace the 1968 law governing insurance companies with a modern insurance law. This will incorporate risk-based solvency standards, clear frameworks for the liquidation of distressed companies, and explicit legal provisions to guarantee consumer rights. He gave assurances that all decrees and legislative texts would be subject to transparent consultations with all stakeholders.
Regarding pending claims and rising healthcare costs, Mr Al-Basat stressed granting priority to processing claims related to the 2020 Beirut port explosion and life insurance claims affected by the crisis.
He also unveiled a collaborative plan with the Ministry of Public Health to enforce price transparency and clinical governance to counter structural inflation of hospital spending.
The Minister emphasised that the insurance sector is currently "the last remaining active financial channel in the Lebanese economy" and represents a crucial foundation for restoring confidence in the financial system. He highlighted the sector's exceptional resilience, noting that it absorbed institutional shocks while banks and public institutions faltered.