The potential for Libya’s insurance market is undisputed – but its nascent insurance market is likely to grow only at glacial pace without internal stability and security being restored in the country.
In terms of insurance lines, the Middle East team at RFIB Group observes that motor third party is compulsory and consequently represents approximately 50% of the Libyan market, while health and travel insurance are the fastest growing sectors.
“Many feel that the market has become saturated and are calling for a regulator with teeth who can demand regular reports and accounts from the insurers. It is hard to see even a fully developed Libyan economic model requiring the present number of insurance carriers, which have still to differentiate themselves by market sector or product line,” according to the RFIB Group Middle East team.
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