Insurance profits grow by 14 percent
2019-10-16
$5 billion in total assets

The combined net profit of insurance companies increased by 14 percent to $174.1 million in 2018 compared with the previous year, according to the Insurance Control Commission (ICC)’s annual report for 2018.
 
The jump in profits was driven by a one percent increase in written premiums, which rose to $1.63 billion and a three percent drop in paid claims, which fell to $937 million.

“Profitability remains largely stable with an overall profit margin of 11 percent driven by good margins on life insurance estimated to reach 22 percent, while margins on non-life neared five percent,” said Nadine El-Habbal Acting Head of the ICC.


Reported by Shikrallah Nakhoul
Source Businessnews
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