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Lebanon's insurance market requires further consolidation, industry experts say

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Lebanon consists of more than 50 insurers, but 10 account for about 80% of the market, The Daily Star reported.

Industry experts said the market requires further consolidation, and the insurers' minimum capital requirement should be increased from the present $1.5 million to at least $10 million.

Asaad Mirza, head of the Lebanese Insurance Association, said premiums rose by about 8% year-on-year in 2013.

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