Beirut: 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 Fran§ois Boedec, Institute Director Professor Irma Majdalani, representatives of the Association of Insurance Companies, and academic, economic, and labor figures.
According to National News Agency - Lebanon, the event began with welcoming remarks and a speech by Professor Majdalani, who praised the Institute's role, academic achievements, and development. She announced plans to establish a research unit specialized in risks and insurance to support scientific research and decision-making. University President Boedec emphasized 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.
Minister Bisat presented the reform plan, describing insurance as one of Lebanon's most resilient sectors following the country's financial crisis and a remaining functional financial channel. He emphasized that restoring confidence in the sector and modernizing its framework are crucial for Lebanon's economic recovery. The strategy is built around three main pillars: strengthening the insurance market's structure, enhancing the regulatory framework, and improving healthcare insurance efficiency and fairness.
The first pillar focuses on 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. The second pillar involves reactivating the National Insurance Council, strengthening the Insurance Control Commission, reviving the Insurance Arbitration Council, and drafting a new insurance law aligned with international standards. The third pillar aims to control hospitalization costs in coordination with the Ministry of Public Health and promote greater transparency and governance across the healthcare sector.
Minister Bisat concluded by stating that 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.