Read Full Magazine Here. The Levantine financial sector operates within fragile economies plagued by severe upheaval, demonstrations, war, rising debt, and concerns about government spending.
Amid this chaos, some are finding ways to navigate more effectively than others. Notably, Elias Chedid Hanna, Founder and General Manager of both ACAIR Insurance Consultancy and Risk Assessment in Lebanon, and Zenith Insurance Services in Oman, is propelling both companies forward through technological innovations and digital transformation. Sometimes, the best path forward requires a bold leap to a new vantage point.
Advancements in technologies with the assistance and implementation of Artificial Intelligence (AI) in the next step continue to unfold at a rapid pace. These technologies, enabling machines to simulate human learning, comprehension, and problem-solving, are becoming ever more integrated into daily life. The financial sector is no exception.
As technology enhances market responsiveness, the speed and magnitude of price movements may exceed previous expectations. This requires lenders to reevaluate leverage strategies, considering issues like margining requirements, circuit breakers, and the resilience of central counterparties in a rapidly changing world.
ACAIR has continuously evolved, adapting to the industry’s shifting landscape while upholding the highest standards of professionalism. Its team of specialized consultants, with extensive experience dating back to 1989, has been key to ACAIR’s success.
Looking ahead, ACAIR remains committed to providing innovative, tailored insurance consultancy services. The executive management is dedicated to building strong relationships, embracing emerging technologies, and staying ahead of industry trends to meet clients’ evolving needs.
Elias Chedid Hanna, brings invaluable insights to ACAIR with a robust skill set including risk management, insurance, reinsurance, claims management, and analysis. ACAIR, managed by Hanna, prides itself on 27 years of excellence and dedication in the insurance industry. Established in 1997, ACAIR has been a leader in innovation, delivering unparalleled services to its clients in Lebanon and beyond, a testament to Hanna’s unwavering commitment to exceptional insurance solutions.
Hanna’s leadership extends beyond insurance. With a Bachelor’s degree in Actuarial Science and Insurance, and a Master’s in International Relations and Diplomacy from Notre Dame University-Louaize (NDU), he has been in the insurance sector since 1990. His career includes roles as Managing Director of both ACAIR and Zenith Insurance Services, President of First Medicine MENA, Partner in PRO BUREAU and GFE Geotechnical Foundation Experts, President of the Lebanese Insurance Brokers Syndicate (LIBS) since 2015, Vice President of the Federation of the Mediterranean Brokers (FMBA), Representative of the Lebanese Brokers in the European Brokers Federation (BIPAR), and one of the Founders and board member of the Arab Insurance Brokers League (AIBL).
Under Hanna’s leadership, ACAIR is effectively navigating the complexities of the current economic landscape with innovative strategies and a strong commitment to excellence.
At ACAIR’s headquarters, Beirut, Lebanon, BUSINESS LIFE reporter conducted an exclusive interview with one of the most influential insurance leaders in Lebanon who revealed his growth plans, technological innovations, and future endeavors in a rapidly evolving industry.
Here, he shares insights on ACAIR’s growth plans, technological innovations, and future endeavors.
BL: Elias Chedid Hanna, could you provide me with the profile of your business activities? How do you successfully find the time to manage your multiple companies and businesses in Lebanon and abroad and to be President the Lebanese Insurance Brokers Syndicate (LIBS), Vice President at the Federation of the Mediterranean Brokers (FMBA), to be a founder of AMIN and a founder of ACAIR in addition to your various involvements in so many syndicates, associations and family and social life?
Elias Hanna: I believe that a person has to make the most of their time and make a difference, as life can be unpredictable. I enjoy working and innovating new ideas and projects, especially in the insurance field.
I am an explorer-type entrepreneur with hundreds of ideas that I want to implement. My current model involves focusing on one major project and managing 3-5 micro-projects, each with one to five people involved.
I started my career in insurance at the age of 16 when I saw my first policy. I enrolled at Notre Dame University as an actuarial student and was the first actuarial student to graduate from Lebanon. I was among the first group of actuarial scientists to graduate.
After graduating from university in 1997, I applied for a brokerage license at the Ministry of Economy, received the license, and established my own company, ACAIR, in July 1997. We celebrated ACAIR’s 25th anniversary two years ago, and now it’s ACAIR’s 27th anniversary.
In 1998, I joined the Lebanese Insurance Brokers Syndicate (LIBS) as a member. I was nominated and elected to the LIBS board in 2001, achieving the highest vote. Since then, I have been a continuous board member. I served as President of LIBS for eight years, first elected in 2015. As per the law, one cannot preside over LIBS for more than four consecutive years, with a maximum of two terms of two years each. After serving four years, I took a mandatory two-year break and was re-elected in 2020 for another term. Every two years, LIBS holds elections and chooses six board members. I have been on the board since 2001 and have served as President for eight years.
BL: How does the ongoing turbulences in the Levant region affect your business operations?
Elias Hanna: I think that when there are political or economic problems in certain countries, the demand for insurance increases significantly. People start feeling the need for insurance coverage, especially in Lebanon. I focus on Lebanon because it’s where I began my work. It’s well-known that the Lebanese people want to protect themselves, at least medically, and the government isn’t providing adequate support, especially after the economic crisis. People used to rely on the National Social Security Fund (NSSF), but it has become insufficient after the economical crisis and currency devaluation. Over the last 2-3 years, Lebanese people have been seeking someone to protect them, turning to private insurance sector and brokers like ACAIR. Consequently, we have seen very good results.
Given our 34 years of experience in the insurance field, we have a solid reputation and leadership position in the market. Lately, people are looking for professionals in the domain, and since we backed with a highly professional team and have one of the best teams in the region, the demand for our services combined with expertise has increased. This positive impact has been reflected in our business and the financial results of all my companies since most of them are related. ACAIR is the parent company, and it’s a family business.
Later on, in 2010, we established a brokerage company with our partners in Muscat, Oman, under the name Zenith Insurance Services. Similarly, we are doing very well in Muscat with a skilled team. We also established a brokerage firm in Limassol, Cyprus. At the moment, we are expecting to receive a license in Brazzaville, Congo, Africa. I’m waiting for the final license to be issued anytime now, maybe by the time you publish this interview, it will be issued. All this work is related to the insurance field and our holding company.
Five years ago, we started thinking innovatively and created a new model. We studied the market and launched a digital platform six months ago in Lebanon under the name Ammin. We established a separate company, Ammin Global SAL, which is mainly an online insurance brokerage firm. Ammin provides innovative insurance solutions tailored to customers’ needs. Ammin is one of the unique aggregators in the region, supporting brokers because I believe clients should work through a broker or consultant to secure their interests. If clients go straight to the insurance company, the company acts as both lawyer and judge, often not providing all the coverage or support that a broker would offer.
When we conceptualized the Ammin online platform, our goal was to support the role and mission of brokers. The platform allows clients to choose their broker from a list of registered brokers. Although ACAIR is the default broker in Lebanon, other brokers are welcome to join the app. Importantly, if a client chooses a broker, this client will remain with that broker, ensuring the business stays with the chosen broker.
The platform includes more than 10-15 top insurance companies, allowing clients to compare prices, terms, and conditions. Customers can be online 24/7 with their broker and contact them through the Ammin platform. I believe it will soon become one of the best platforms not only in Lebanon but in the region. We continuously update and innovate the application, accepting all ideas that benefit clients and brokers.
BL: Why is the Levant being so important to the region?
Elias Hanna: Lebanon used to be the insurance hub of the Levant. If you go back 20 or 30 years, you will see that Lebanon was the center of insurance innovation and legislation. Lebanon is important primarily because of its connections. Currently, most insurance companies have relocated from Europe to Dubai. Before the war in Lebanon, many of these companies were based in Lebanon. This shift occurred due to the war, economic problems, and Beirut Port Explosion. Many insurance brokers and companies in the GCC and MENA regions are managed by Lebanese professionals. In Dubai, Bahrain, and Saudi Arabia, you will find that most top insurance managerial positions are held by Lebanese. The leading insurance brokers and many major shareholders in the area are Lebanese. Lebanon was known as the diamond of the Mediterranean and the Arab countries, which underscores its importance. Especially during the war, many top insurers and leaders moved out of Lebanon to start working in the region. Thus, Lebanese professionals continue to support their country by providing insurance expertise to the area.
BL: Are there any new expansion plans in the pipeline?
Elias Hanna: As I mentioned earlier, during 2024, we established a brokerage firm under the name Euro-Africa Afrique Services D’Assurances in Brazzaville, Congo, and recently obtained the license. Additionally, in 2021, we established a brokerage firm in Cyprus, Euro Mediterranean Insurance Brokerage LTD. We also have a brokerage firm in Muscat, Oman, called Zenith Insurance Services, which has been operating since 14 years. In Lebanon, we have two brokerage firms: one is an online brokerage firm, Ammin Global SAL and the other is ACAIR. We have been the top insurance brokers in the market for over 10 years.
Of course, we are open to expansion, but usually, the decision to expand takes some time because we are conservative and like to ensure we take solid steps with calculated risks. We do not want to enter any market just to open a branch; we want to be active and present. We conduct thorough feasibility studies before making any expansion plans, and we also need to identify our partners and assess whether we need to invest in capital business. It depends on many factors, and we do not want to compete without a clear strategy, especially since we have 34 years of experience in the Lebanese market, which, as you know, has been particularly challenging over the last 10 years.
BL: How do you see Artificial Intelligence (AI) impacting brokers and financial markets? Will it eliminate the role of brokers?
Elias Hanna: AI is very dangerous, and if we are not ready for it, it could cause significant problems, though we do believe in its potential. We are trying to manage the most important priorities on our agenda. Wherever we go, whether through online digital platforms or AI, we ensure to secure the role of the broker because we believe that brokers serve as important consultants. Simply put, a broker is an insurance consultant for the client. We will use AI in our Ammin platform in a way that safeguards the role of brokers and maintains direct contact among the client, the broker, and the insurance company.
However, we must be aware of AI’s implications. Our team is working on various AI-related matters, especially in specific products. Nowadays, AI is crucial. For example, in motor insurance, you need to take photos of the car to check for any damage. Certain AI features are essential for specific insurance businesses. Consequently, I suggest that all insurance markets should seriously consider AI but always keep the role of the broker in mind. I insist on this point because AI cannot fully replace human beings, even though it can handle data, information, calculations, and surveys more quickly. Some services can be provided better by AI.
But in the end, especially in our region, people still value human contact among the client, the broker, and the insurance company. Our people prefer to talk to someone and feel at ease. I believe there will always be an important role for the broker. Perhaps we can replace ten employees with one machine, but in Lebanon, we are still far from this reality. Hopefully, the impact of AI will be positive because the Lebanese are smart and know how to adapt to their circumstances.
BL: Are you optimistic that AI will benefit your industry?
Elias Hanna: I’m an optimistic businessman, and I always maintain a positive outlook despite the many difficulties we’ve faced over the last 4-5 years. I believe we can always improve and achieve more. As I mentioned before, we need to be smart in integrating our solutions with AI because it will significantly help, especially when it comes to new ideas and providing excellent service.
For example, we now have 24/7 support through human interaction. After this initial step, and in the coming few months, we will integrate AI to enhance and assist our call center. We will still require human oversight to control AI and ensure necessary follow-ups. Our Ammin application platform, launched six months ago, supports AI and we plan to add AI capabilities, possibly before the first quarter of 2025.
We will introduce AI services that respond to client requests for basic information and voice data, especially for providing customers with the cheapest medical or motor insurance or any calculation requests, as AI can perform calculations much faster than humans. We aim to have these AI services fully integrated into our Ammin platform by the first quarter of 2025, or at the latest, by mid-year.
BL: How active is ACAIR in cyber insurance, and what are your recommendations for various markets?
Elias Hanna: Currently, we have started negotiating with an international insurance broker to launch a small cyber product with a limited coverage through the Ammin application platform. We aim to sell this cyber product via the app. We have also been negotiating with an international Lloyd’s broker to provide a special product for the Ammin application platform. We believe it is essential to have a specialized product for cyber insurance. Given the increase in cyber risks, especially concerning mobile devices, computers, and social media platforms, we are taking this issue very seriously.
Regarding war insurance, we began selling Political Violence (PV) products for properties and cars around fifteen years ago. In Lebanon, some insurance products already include PV coverage within the policy. The demand for PV insurance is significant in Lebanon, unlike in places like GCC. Consequently, in Lebanon, we are among the top brokers selling political violence insurance for buildings, and large corporations, motor, and life. We offer very competitive packages from both Lebanese and international companies.
BL: Elie, tell me, which market do you prefer?
Elias Hanna: Lebanon is my country, and I started as an insurance broker there. I like Oman very much. It’s a very nice country and somewhat similar to the Lebanese market. I’m still new in Africa, and maybe later on, I will develop a preference for it. But for now, Lebanon remains the best country for insurance.
What’s the difference between Lebanon and Oman? They are mostly similar, but the most important distinction is that in Oman, there is stability, law, and education about insurance. Oman also has more significant development projects that we don’t have in Lebanon. This is the primary difference. As Lebanese, we are doing very well in Oman and are helping the Omani market, particularly in big businesses. The exposure in Oman is bigger.
For example, in Lebanon, the largest CAR (Contractor’s All Risk) policy might have a premium of $200,000, while in Oman, CAR policies can reach a premium of $2 million or $3 million. The Financial Services Authority (FSA) in Oman enforce strict regulations, which I appreciate. I like that the government looks into the market and ensures that rules and regulations are strictly followed because our role is to secure the rights of clients.
This is why we provide insurance—to ensure security in case of loss, claim, damage, or medical issues. In Oman, there are many restrictions, and the law is implemented correctly. This makes a significant difference. Oman enjoys stability and no war, which presents significant opportunities for us.
BL: In your opinion, how long would it take to get the Lebanese insurance and brokerage sectors back on track?
Elias Hanna: We are back on track. For me, I’m back on track. Some brokers lost their business because their clients traveled or left the country due to the war, or they don’t have the resources to pay for the insurance, or they changed their insurance. But for us, as ACAIR, we are back on track. We have a lot of groups and new clients joining us. As I mentioned previously, most people are now looking for professional brokers who can support them in case of problems, especially after the Beirut Port Explosion. We had the COVID Pandemic, currency devaluation, banking problems, political issues, the civil turbulence, and lastly the war.
I think we are back on track, although some people are benefiting from the situation while others are losing out. It depends on how they are working, their strategy, their studies, and their plans when they opened their brokerage. But to be honest, I think we are back on track. We have challenges, especially from international insurers who are considering whether to stay in the market or leave Lebanon, particularly after Lebanon was added to the “grey list” by a global anti-money laundering watchdog.
This is a big challenge, but I am optimistic. I believe the re-insurers have faith in us and want to work with us, and they will not leave us because of our European mentality. Yes, I believe they will not leave us. The reinsurance market will be hard, not soft, regarding ratings.
After all these challenges, starting from the Beirut Port Explosion to the recent war in Lebanon, I don’t think it will be a soft market. We still have good rates and support from some re-insurers. However, some insurers are afraid and have left the market, not wanting to renew their treaties or give support to certain insurance companies, but others are still supporting Lebanon. Terms and conditions are changing.
To be honest, there was a change in the war products and PV products, but for other products, it’s similar with no restrictions until now. We might face difficulties in the medical insurance sector because, during Corona and the war, the frequency of claims decreased as people avoided hospitals and doctors unless life threatening. Consequently, the frequency of claims decreased, and the claims were fewer. After the war and Corona, prices usually increase, and people start going to hospitals again. I think there will be an increase in medical insurance premiums by around 5 to 15% in 2025, depending on the class and network.
BL: Do you believe that Lebanon needs to revise its regulations regarding insurers, reinsurers and brokers?
Elias Hanna: Of course, we need to update our laws. I believe the last major law was passed in 1969, with slight amendments in the early 90s . There should be a significant update, and we are working on this. Unfortunately, every time the cabinet begins to work on the file, they resign after three to six months, leaving us with a resigned cabinet that only follows the necessities of the people. Nonetheless, the laws definitely need to be updated. As brokers, and in partnership with the insurance companies, we should work to update the laws with the help of the Insurance Commission Committee (ICC).
BL: What’s the new vision and the challenges facing the insurers and consultants during the year 2025?
Elias Hanna: My vision has remained consistent over the past five years. We are diligently working to advance and uphold the new era of digitalization in the insurance sector. This vision encompasses both our internal operations and encouraging people to join us digitally. The digital era is about transforming the entire insurance market through digitalization.
BL: What are your comments on the Lebanese insurance regulations and its market?
Elias Hanna: We have outdated regulations. Usually, when the Ministry of Economy starts working on these files and begins to understand them, they resign. The most important thing is that The Insurance Control Commission (ICC) should have the independence to work alone and formulate a new law. We need to look at neighboring areas in the Middle East, such as the regulations in Saudi Arabia (SAMA), Dubai, and Oman. We can benefit from their laws.
The regulations should put politics aside and work technically to have new laws and regulations by 2025. We must consider all the current situations, especially for the insurance, medical sector, other lines of business, and the reserves of insurance companies. Currently, the capital of an insurance company is LL 2 billion, which is around 20,000 US dollars. How can the capital of an insurance company be $20,000? Similarly, the guarantee of a broker is LL 25 million, equivalent to 250 dollars. We need to start from the guarantee, the capital, and all the laws that help secure the Lebanese clients.
If the insurance sector is the backbone of the economy, we need to update our regulations. For now, we’re still safe and okay, not facing the problems the banks faced. However, if we do not update and create new regulations, we might reach a very sad situation in 2-3 years. Therefore, we must work hard together—all the brokers, the Ministry of Economy, the Insurance Commission Committee, and the ACAL (Association des Compagnies D’Assurances au Liban)—to create new laws that secure everyone: insurance companies, brokers, clients, and the government.
BL: What about the regulations and insurance awareness of insurance in Lebanon?
Elias Hanna: To be honest, there is little awareness about insurance in Lebanon, except from the private sector. I have had a TV program for the past 5-7 years where we try to raise awareness about insurance. We explain the importance of insurance, what each line of business covers, what is not covered, and what is excluded. While awareness in Lebanon has improved compared to 20 years ago, there is still much work to be done. People need to know how to choose their insurance company, what kind of insurance they need, the lines of insurance available, the coverages, and the products. We need to work more on increasing awareness.
BL: As the president of the Lebanese Insurance Brokers Syndicate (LIBS) since 2015, what are your impressions on the Lebanese Insurance Brokers? What new regranulations or activates are you preparing for the syndicate during the year 2025? How did it evolve since 2015 – 2025?
Elias Hanna: As the President of the Lebanese Insurance Brokers Syndicate (LIBS) since 2015, I have seen some progress. I served from 2015 to 2019, took a two-year break, and was re-elected for the terms 2021-2022, and 2023-2024. In 2025, there will be a new election.
You should not ask me about LIBS; you should ask the brokers about the board of directors and about me, because I am the President, so I will not say anything negative. To be honest, since I was elected with the team, because I always believe in teamwork, we have a very good team. When I was elected in 2015, I was elected with a team, not alone. I was elected as President, but I have a team, so I believe in teamwork.
For the brokers and the syndicate, we have made many improvements, not because the previous board was not good, but because we came in young and with a fresh mindset when we were elected in 2015. Our strategy was, first of all, to highlight our partnership with the insurance companies. We are not employees of the insurance companies; we are partners with them. They have their own legal entity, and we have ours. They take the risk and support us in case of clients’ claims, and we bring the clients, explain, and consult them to choose the ideal plan. So, we work on the partnership. This was my first objective.
Second, my plan was to ask most of the brokers to join LIBS. When I was elected in 2015, there were around 120-130 brokers in LIBS, but now, we are almost 200 brokers. So, in these 7-8 years, the number of members has increased by at least 60%-70%, which was my second objective.
The third objective was to create unique events. We have a minimum of two events a year. One event during summer, where we invite all the insurance companies, brokers, and LIBS members for a gathering between June and July. We invite all the insurance companies, managers, and owners, all the brokers who are members of the syndicate,. This is a big event in the summer.
We also have a very big annual event that includes around 800 attendees. Unfortunately, in 2024, we were not able to hold it because of the wars. Usually, we hold it in December, but the war stopped at the end of November, so we were not ready to hold it this year. We postponed it until February or March. During this event, we invite all the economic figures, the minister of economy, government managers, financial leaders, and presidents of various syndicates, including engineers, lawyers, doctors, and nurses. It’s held during Christmas time.
Additionally, during the year, we hold at least 3-4 conferences about insurance, sometimes about products directly related to insurance. The brokers attend these conferences for free. We bring lecturers from local and international markets to present ideas about certain lines of business. We choose a line of business and bring experts specialized in that domain.
In addition to all of this, we support brokers if they have problems with any insurance company. We also support clients if they have problems with brokers. So, we are doing a good job, but you should ask the brokers more about us.
BL: AS the Vice President of the Federation of the Mediterranean Brokers (FMBA); what are the latest news on FMBA?
Elias Hanna: In addition to what I mentioned about my activities during 2024, I also attended many meetings with the European Federation of Brokers (BIPAR) and The Mediterranean Federation of Insurance Brokers (FMBA). I am a member of both BIPAR and FMBA. Two years ago, I was elected as the Vice President of FMBA, and I am currently on the Board of Directors as the Vice President of FMBA.
Hopefully, there will be new elections in January, as the two-year mandate for the presidency and the board has ended. I may be one of the nominees for the presidency of FMBA in the coming one or two months.
BL: What do you think of Trump’s success in the US Presidential elections? How will it reflect on the global economy and on the Levant and GCC countries?
Elias Hanna: Of course, Trump is a businessman. I think his success will positively affect most regions, especially the USA. Trump is a well-known businessman with extensive experience in economics. He can afford to hire consultants to support him. Economically, he is one of the best to handle the issue. However, it depends on Trump’s strategy in war regions. This is the question. While I believe his economic impact will be positive, I am uncertain about his political plans for the future. Time will tell.
BL: To conclude, would like to add anything else?
Elias Hanna: You asked me a lot of important questions.
I want to emphasize the role of the broker because it is the most crucial aspect of the insurance business. During the challenges of the past 5-6 years, if there were no brokers, there would have been significant problems handling all the claims, especially during the Beirut Port Explosion, the Corona pandemic, the revolution, and the war. Brokers played a very important role. To confirm what I am saying, you should ask the insurance companies about the significant role of the broker.
