Read Full Magazine Here. The insurance market is rapidly evolving, driven by technological advancements, rising health insurance costs and changing consumer expectations.
In 2024, insurers are increasingly adopting data-driven, digitally enabled models focusing on proactive risk prevention, enhancing efficiency, and improving health outcomes. The integration of AI and customer-centric systems is intensifying competition, addressing diverse regional healthcare challenges and the need to manage escalating costs effectively.
It is forecast that the global insurance market will grow by about one trillion U.S. dollars between 2023 and 2028. This innovative approach promises a financially secure and compassionate future for everyone involved.
LIA Assurex is a leading company in the insurance industry.
LIA Assurex is a dynamic and professional institution, with a leadership role in the Lebanese insurance market and solid financial grounds, professionalism and expertise, LIA Assurex offers a comprehensive range of insurance products across all lines of business. LIA Assurex is dedicated to providing tailor-made solutions for individuals and corporate clients, emphasising on a customer centricity approach.
These products and services must stand the test of strong corporate governance to build trust in the market place.
LIA Assurex Company operates under Lebanon’s Commercial Companies Law and carries out its operations in compliance with rules and regulations issued by the Ministry of Commerce and Industry.
Through organic growth, LIA Assurex has established a unique market reach. The name LIA Assurex is becoming synonymous with dynamic leadership, innovation and customer service of the highest standard.
The company continues to adapt to the current financial conditions by innovating its internal processes resulting in improved decision-making.
It is also important to shed light on the distinguished career of Labib Nasr who is leading LIA Assurex to new heights.
Labib Nasr, based in Lebanon, is currently the Chief Executive at LIA Assurex, bringing experience from previous roles at various recognized institutions. Labib Nasr holds an INSEAD degree from 2004. With a vigorous expertise set that includes Risk Management, Insurance, Reinsurance, Claims Management, Analysis and more. Labib Nasr brings valuable insights to the insurance industry and specifically to LIA Assurex.
Labib is a charismatic leader who excels in selecting and inspiring top performing sales people. Known for his ability to motivate and inspire, he acts as a virtual oracle of support, providing guidance to others.
Work Experience
Labib Nasr holds a total of experience spanning over 25 years.
Labib Nasr is currently a recognized Chief Executive Officer at LIA Assurex. Labib is famed for his outstanding success amidst the current economic crisis and wars in the Middle East.
LIA Assurex s.a.l. Chief Executive Officer 2020 - Present
ACAL Association des Companies d’Assurances au Liban Board Member 2022 - Present
Adir Insurance Chief Executive Officer 2018 - 2020 • 2 years
Nasco Insurance Group Regional Director - Operations and Systems 2016 - 2018 • 2 years
Labib Nasr holds a 2017 - 2017 Executive Education in Essentials of Leadership, London Business School. With a robust skill set that includes Team Leadership, Operations Management, Business Strategy.
In BUSINESS LIFE cover interview, the renowned Labib Nasr highlights advancements in digital insurance, including preventive healthcare and cost-containment strategies. He emphasizes the role of digital solutions in driving growth, competitiveness and discusses the impact of the current political situation on the insurance industry in Lebanon and the Arab countries.
BL: What are your views on the current insurance industry in Lebanon and the Arab countries?
Labib Nasr: The Lebanese insurance industry is experiencing development and is progressing with the global digital transformation. Nonetheless, it faces significant challenges, in retaining reinsurance partners and in health insurance.
Firstly, reinsurers are retreating from the local market especially due to the concerning political violence policies, the economical and political instability.
Secondly, convincing clients to purchase and renew medical insurance has become challenging due to the premiums increase.
The increased premiums are competing with everyday life expenses which are of utmost priority for many individuals.
Separately, insurance in the Arab countries is experiencing a growth with challenges:
The United Arab Emirates has recently introduced a new regulator, with the central bank overseeing insurance regulation. In the Kingdom of Saudi Arabia, the insurance authority newly established is issuing new laws making the sector better and financially stronger.
BL: What are your plans for the rest of 2024?
Labib Nasr: The remaining of 2024 will focus on unveiling new diversified insurance solutions. The brand has been studying and planning an extended portfolio of products following the recent review and improvement of existing ones.
In addition, we will integrate new technologies in our workflow to further enhance our customer experience. This includes the launch of our new Customer Service Center, accessible through the new 4 digits number, 1630.
BL: How has AI impacted your operations?
Labib Nasr: Artificial intelligence has not yet been fully integrated into local insurance operations, as it is part of an ongoing digitization and automation process that that needs to be completed. However, AI is set to positively and immensely affect how companies operate to enhance their operations efficiently and effectiveness.
BL: Is AI a threat to insurance operations?
Labib Nasr: Not at all. Artificial Intelligence is an asset not a threat. Similarly to the integration of previous technological advancements, insurance companies should embrace, adapt and integrate AI to enhance the customer experience. AI will allow insurance companies to further develop and improve how they operate.
Integration of AI will tremendously facilitate the data storage, policies issuance and underwriting process that takes place, and most importantly the management of insurance claims. The sooner this integration starts, the better it will be for companies.
BL: What lines of business does LIA Assurex cover?
Labib Nasr: LIA Assurex offers comprehensive protection to its clientele across several fields including health, motor, property, marine, life, travel and insurance liability. We also cover special risks, such as political violence, engineering, cyber, workmen, expatriates and more. For the full list of offerings, please visit our website www.liaassurex.com.
BL: What are your thoughts on natural hazards?
Labib Nasr: Natural hazards such as fires, earthquakes, landslides have become more frequent both regionally and globally. This highlights the importance of including related clauses in insurance contracts, which are now more crucial than ever, given the constant changes in global weather and the ongoing climate warming.
Protection against natural hazards is a must in today’s world.
BL: LIA Assurex aims to become a local-wide market leader in the Lebanese insurance, could you elaborate?
Labib Nasr: Expansion in the Lebanese market has been a goal for LIA Assurex since day one. The grasp of a larger market share is crucial for the company’s evolution and reaching a wider audience. Our products development and enhancement efforts are focused on our clientele, as we are always on the lookout for their needs, catering in parallel to the ever-evolving technology. Introducing a new, modern approach to insurance.
BL: Do you cover property claims? How far were your operations impacted by the current political and economic environment?
Labib Nasr: Property claims are part of the daily workload at LIA Assurex, as property insurance forms a large share of our yearly sales. Thanks to the expertise of our skilled team, and our trusted partners, LIA Assurex has successfully navigated the current political and economic environment with minimal damage. Certain repercussions are nation wide and affect the insurance industry significantly, our constant review of strategy and market positioning has allowed us to continue serving our clients effectively. We remain committed to a better future, in line with our promise, and company slogan “Let’s talk about tomorrow”.
BL: Labib, what could you tell me on Climate Change and Health Insurance: Navigating Risks and Opportunities?
Labib Nasr: The health insurance field is currently facing several challenges. Following the Covid-19 pandemic, there has been a significant rise in health awareness. We have noticed an increase in doctors’ appointments, hospital visits and wellness related actions, leading to a higher in utilization of medical insurance policies. In addition, the cost of healthcare and medical treatments that is on the rise.
The inflation in the medical field has been witnessed both globally and locally. In Lebanon, reduced subsidies from the Ministry of Finance have forced private insurers to bear a large share of the medical expenses, which in turn adds pressure to increase policy premiums.
As for climate change, it presents a big risk worldwide, and has proven scientifically to be affected and accelerated by mankind actions, resulting in the extreme heat waves, storms and floods taking place in several regions. With time insurance and reinsurance companies will need to develop scientific statistical models on how to quantify this data and create insurance policies that cover damages due to these extreme conditions.
BL: What’s in the pipeline for the rest of 2024?
Labib Nasr: Our goal for the rest of 2024 is to expand our market share and further establish the horizons of LIA Assurex as a leading Lebanese insurance company. We aim to attract the youth and market the insurance industry in an innovative way. We have big plans in the pipeline and are looking forward for what the future holds.
BL: How do you evaluate the insurance business in Lebanon? What are your suggestions?
Labib Nasr: The Lebanese insurance market is overcrowded, there are currently too many players in the market that has not grown at a healthy rate due to the constant economic and political pressure.
The market fundamentals are strong, the ideal way forward is to have mergers and acquisitions between insurance companies and brokers to grow the market faster in all lines of businesses. This growth can only come through the support of the Minister of Economy, the regulator, ACAL, the lebanese insurance companies association, and the brokers syndicate LIBS. All these parties must work together to solidify and strengthen the Lebanese insurance market.
BL: The digital transformation of health insurance is shaping the future, what are your comments?
Labib Nasr: The digital transformation of health insurance is providing the clientele with quick and efficient coverage, simple and accessible. It is allowing medical insurance to become like any other service easily reachable and attractive. And we hope throughout constant improvement and development to better master this digital shift and provide our clients with even better service.
BL: LIA Assurex was founded in 1975 with one ambition: to become a leading structured insurance company, what is the status nowadays?
Labib Nasr: LIA Assurex has proudly emerged as one of the leading players in the Lebanese insurance market, ranking 3rd in 2023. We have developed a large, diversified portfolio in many lines of business including motor, health and life to property, marine and political violence. Our success is attributed to our skilled team of experts. In line with its values of innovation and growth, it has a strong structure of departments in symbiosis for continued success.
BL: What are your current challenges?
Labib Nasr: Given the recent local geopolitical developments, it has become a challenge to retain reinsurers and trusted partners who are crucial to the continuity of our operations. Their concerns are valid, given the recurrent political tensions in the region specially since the end of 2023 and long before that.
In addition, convincing the population of the importance of insurance has become difficult due to the economical crises and instability, that have negatively impacted the medical field causing inflation, which inevitably leads to an increase in insurance premiums.
BL: What is the news on acquisitions and mergers in Lebanon? What is your opinion?
Labib Nasr: Having been through a successful merger in the insurance industry, I highly recommend acquisitions and mergers, as it is highly beneficial for both the concerned companies and the local insurance market. There are currently 50 insurance companies in the restricted Lebanese insurance market, competing on similar products for the same clientele.
Acquisitions and mergers, in addition to reducing the number of competing companies, also allows current players in the market to reinforce their positions and grow larger, which will inevitably enhance the insurance experience in Lebanon.
BL: The insurance business is set for significant development and growth between 2023 and 2028, how and why?
Labib Nasr: The insurance business is one of continuous development, due to constant innovations such as Insurtech in 2023, and the rise of artificial intelligence and digital transformation in 2024. These advancements will inevitably affect global, regional and local markets whether in the short term or long term, depending on the country and region.
The implementation and alignment in these matters of these three markets will have the most significant impact and drive a lot of growth in the insurance sector. This progress will attract a larger audience, by meeting with their daily needs, addressing climate change related events (increased number of natural hazards) and ensuring swift and digitized operations, and better customer care.
It is worth noting that insurance markets all over the world have been in constant evolution since 2023, notably the Arab region.
BL: How digital development and AI bring a significant and ethical shift in insurance?
Labib Nasr: The digital development and constant evolution in Artificial Intelligence show promising signs for insurance companies to enhance their customer experience by engaging with this is particularly beneficial for reaching customers in a more modern and targeted way.
The younger audience specially who might be less familiar with insurance but are highly connected to the internet. In addition, it allows companies to enhance their workflow, through digitized mechanisms and operations, leading to quicker results, in today’s fast paced world.
BL: What are your expectations for this year’s Rendez-Vous de Septembre (Monte Carlo)?
Labib Nasr: I am looking forward to attending the Rendez-Vous de Septembre in Monte Carlo. It is one of the most anticipated events throughout the year, an excellent networking hub, crucial to get in touch with both regional and international leaders in the insurance and reinsurance industry.
The Rendez-Vous de Septembre offers a valuable opportunity to exchange insights, and knowledge, with different players from diversified geographical areas, and reinforce existing connections, which may be particularly important due to the ongoing political turmoil regionally.
