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In comparison to markets in more developed countries, the insurance industry in Libya is underdeveloped. The nation’s recent political unrest and economic difficulties have placed restrictions on the industry.
Libya has taken moves to open up its insurance market and promote involvement from the private sector. In Libya, foreign insurers are permitted to conduct business, frequently in collaboration with local organisations.
Compared to economies that are more established, insurance penetration in Libya is still low. The advantages of insurance are not widely known in Libya, and many people consider insurance to be somewhat expensive.
Recent political unrest and economic hardships in Libya have had an effect on the insurance industry. The purchasing power of consumers and the stability of the market as a whole can be impacted by economic uncertainty.
The Libya insurance market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Health Insurance for Individuals with Special Needs and Limited Income launched by the Libyan Ministry of Economy. For the benefit of those with security pensions as well as those with limited income from basic pensions, particularly orphans and widows, the policy offers health insurance services.
In addition to the group of people with physical and mental disabilities, the policy also covers families. Noting that the ruling forbids the recipients of the health insurance policies from the designated categories from receiving health insurance policies from the public or private sectors, either directly or through a family member, or from being recipients of state-funded medical care.
According to decision controls regarding beneficiaries of health insurance policies issued by companies as part of their commitment to social responsibility, the Insurance Supervision Authority affiliated with the Ministry has been tasked with coordinating between insurance companies and the competent authorities affiliated with the Ministry of Social Affairs. This involves identifying the target groups.
The execution of the code of conduct for companies, which is focused on their role within the framework of social responsibility, includes the initiative of the health insurance policy for persons with low incomes and individuals with disabilities.
They clarified that in accordance with their commitment to social responsibility, insurance companies authorised to conduct business in Libya as well as general branches of international corporations are responsible for paying the costs of treatment.
