Lebanon 2017 | FINANCE | INTERVIEW

TBY talks to Salim Yared, General Manager, Sloop Insurance Brokerage Firm, on the sector.

Salim Yared

How has the company evolved since its founding?

When we started the company in 1988, our main aim was to give a certain understanding and protection to our clients. We do not have any ties with any insurance companies and do not represent an agent of any insurance company. Therefore, we should be independent in order to provide our clients with free advice and free consultancy without any attachment to another insurance company. In this view, we noticed that a lot of people do not know many things about their insurance policies, so our main aim is to represent our clients with insurance companies and deal on their behalf.

With Lebanon having one of the highest penetration rates in the region, is there still room for growth?

There is. We have about 52 insurance companies, and they are all fighting for part of the market. They are doing this by lowering their premiums, and we do not yet have insurance companies evolving the content of their contract. Therefore, the insurance contracts should be looked at in a different way, follow the evolution of the social context we are living in, and follow a certain trend in the market, which we did not find yet in the Lebanese market.