Minister Al-Bassat Unveils Strategic Vision for Lebanon's Insurance Sector

Dr. Amer Al-Bassat, Lebanon’s Minister of Economy and Trade, introduced the strategic vision for the insurance sector titled "Building Resilience: Reforming Lebanon's Insurance Sector" during an event at Saint Joseph University in Beirut. The occasion marked the 50th anniversary of the Higher Institute of Insurance Sciences. Attendees included the university president, Professor François Bouadek, the institute's director, Professor Irma Majdalani, Member of Parliament Farid Al-Bustani, representatives from the Association of Insurance Companies, as well as academic, economic, and union figures.

The gathering began with welcoming remarks. Professor Majdalani praised the institute’s academic achievements and development, announcing plans to establish a specialized research unit focused on risks and insurance to support scientific research and decision-making processes.

University President Professor Bouadek highlighted the significance of the partnership between the university and the insurance sector over the past 50 years. He emphasized the sector’s role in addressing Lebanon’s economic and social risks and stressed the need to strengthen cooperation among relevant parties to keep pace with sectoral changes.

Minister Al-Bassat then outlined the reform vision for the insurance sector, describing it as one of the most resilient sectors following the crisis and one of the few effective financial channels in the country.

He stated that restoring trust in the sector and modernizing it are fundamental to Lebanon’s economic repositioning. The vision is structured around three main pillars:

First, reinforcing a robust, organized, and capitalized market structure by increasing capital adequacy, introducing risk-related capital requirements, encouraging voluntary mergers, regulating brokers and commissions, protecting clients’ funds, expanding oversight, and addressing unresolved issues such as life insurance and the Beirut port explosion.

Second, strengthening the regulatory framework by reactivating the National Insurance Council, which has been inactive since 2017, activating the Insurance Control Committee through the appointment of a permanent chairperson, reviving the Insurance Arbitration Council, and drafting a new insurance law aligned with international standards.

Third, developing a more efficient and equitable health sector by controlling hospitalization costs in coordination with the Ministry of Health and enhancing transparency and governance within the health sector.

The minister affirmed that the reform implementation will follow a participatory and transparent approach with close monitoring of results according to a clear timeline.

At the conclusion of the event, the university president presented Minister Al-Bassat with the university’s medal commemorating its 150th anniversary.