Statement issued by the minister of economy and trade
Due to the deadly and destructive explosion which rocked Beirut and whereas the insurance sector in Lebanon plays a vital role in compensating the insured and is essential for the process of normalization of life, some of the insurance companies took the initiative to pay the dues of the affected people before even revealing the investigation results regarding the main reasons of the explosion and before considering it excluded from the scope of coverage.
It is to mention that this initiative reflects the strong relation between the insurance companies and their clients in addition to the vital socioeconomic role that the insurance sector plays in Lebanon.
Therefore, the Insurance Control Commission (ICC) urges all insurance companies to follow this process in order to settle all the compensations, namely in terms of the claims of the most vulnerable junior insured, without the need to wait for the result of the judicial investigator’ report of the Beirut Port explosion.
Furthermore, the ICC induces the said companies to pay a percent of the cash compensation in the US dollars which is equal to the compensation of the re-insurance companies of the dues installments, thus according to the principles of fairness and transparency in insurance.
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