NNA – Economy and Trade Minister Amer Bisat unveiled a new strategic vision for the insurance sector, entitled "Building Resilience: Reforming Lebanon's Insurance Sector," during an event at Saint Joseph University of Beirut marking the 50th anniversary of the Higher Institute of Insurance Sciences.
The event was attended by MP Farid Boustany, University President Professor François Boedec, Institute Director Professor Irma Majdalani, representatives of the Association of Insurance Companies, and academic, economic, and labor figures.
Following welcoming remarks and a word by Professor Majdalani praising the Institute’s role, academic achievements and development, and announcing "work to establish a research unit specialized in risks and insurance to support scientific research and decision-making," University President Boedec highlighted "the importance of the partnership between the university and the insurance sector over fifty years, the role of the sector in confronting economic and social risks in Lebanon, and the necessity of strengthening cooperation between the concerned parties to keep pace with the transformations in the sector."
In his word, Minister Bisat presented the reform plan in this domain, describing insurance as one of the country's most resilient sectors following Lebanon's financial crisis and one of the few remaining functional financial channels. He stressed that restoring confidence in the sector and modernizing its framework are essential to Lebanon's economic recovery.
He explained that the strategy is built around three main pillars, namely: i) Strengthening the insurance market's structure by increasing capital adequacy requirements, introducing risk-based capital standards, encouraging voluntary mergers, regulating intermediaries and commissions, protecting client funds, expanding supervision, and addressing unresolved issues, including life insurance claims and compensation linked to the Beirut Port explosion; ii) Enhancing the regulatory framework through the reactivation of the National Insurance Council, inactive since 2017, strengthening the Insurance Control Commission through the appointment of a permanent chairperson, reviving the Insurance Arbitration Council, and drafting a new insurance law aligned with international standards; iii) Improving healthcare insurance efficiency and fairness by controlling hospitalization costs in coordination with the Ministry of Public Health and promoting greater transparency and governance across the healthcare sector.
Finally, Bisat said the reforms would be implemented through a transparent and participatory process, with clear timelines and close monitoring of outcomes.
The event concluded with USJ President awarding the Economy and Trade Minister a commemorative medal marking the University's 50th founding anniversary.
