Insurance association to create oil and gas insurance pool

Max Zaccar, president of Association of Insurance Companies of Lebanon, has signed a memorandum of understanding with the Lebanese Petroleum Administration to create an oil and gas insurance pool so that local players have priority in insuring the assets of exploration companies once extraction of oil and gas begins.

The pool will include all the 50 local insurers, Middle East Insurance Review reports. The arrangement would be on a quota-share treaty with 10 lines, with the remaining risk being ceded to the international markets on a facultative basis, said Mr. Zaccar.

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