Lebanese insurance industry faces up to life after Beirut port blast

SourceArabian Business
SectorIndustrial
CountryLebanon

Five weeks after Beirut’s devastating explosion, uncertainty remains surrounding the total cost of losses to insurers amid an ongoing investigation into the cause. The blast on August 4, caused by 2,750 tons of ammonium nitrate stored improperly for years at the port, devastated much of the city centre. More than 200 people are dead or missing, 6,500 wounded, and an estimated 300,000 are homeless. Damage to property could reach $15 billion and insurance companies in Lebanon will share a chunk of this damage, with consequences for banks and foreign reinsurers. Fateh Bekdache, chairman and chief executive officer of Arope Insurance in Lebanon Speaking to Arabian Business, Fateh Bekdache, chairman and chief executive officer of Arope Insurance in Lebanon, said: “The only obstacle to paying all the claims resulting from the unfortunate blast is ...read more...