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  "documentTitle": "Lebanon Economic Vision",
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  "authorName": "McKinsey",
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      "text": "So far, non-banking financial services have stayed as the “humble siblings” of banking with clear room to further grow and develop in order to reduce public sector pressure on the banking sector.",
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      "text": "C3 Lebanon Insurance sector remains underpenetrated across all lines; the sector also faces several issues. Life GWP penetration stood at ~1% of GDP, compared to an average of ~2.8% across peers. Non-life GWP at ~2.2% was also ~1.2 times lower than benchmark countries average. Mutuals and coops provide insurance plans & coverage with no oversight from the ICC.",
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      "text": "C2 Despite the steady growth witnessed historically, the insurance sector represent a small portion of the total financial services sector compared to banking. Insurance sector has been growing steadily with GWP growing at ~4% p.a. from 1.3 USD Bn in 2012 to 1.6 USD Bn in 2016. Total profits from banking sector stood at ~2,441 USD Mn in 2016 whereas insurance sector reported profits ~17 times lower at ~140 USD Mn.",
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      "text": "C5 Pension funds face several issues mainly a lack of visibility on contingent liabilities, lack of investment in government securities and cross-subsidization of health insurance by the pension fund. Pension system is mainly composed of public pension funds and private pensions. NSSF faces several issues, mainly: Use of the surplus of the pension (~550 USD Mn surplus in 2011) to cover the health insurance deficit (~34 USD Mn deficit in 2011); Lack of investment in sovereign securities; Lack of visibility on the fund’s contingent liabilities.",
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      "text": "C1 So far, non-banking financial services have stayed as the “humble siblings” of banking with clear room to further grow and develop in order to reduce public sector pressure on the banking sector. Out of the total financial sector assets, 95% are banking assets with a mere 5% contributed by non-banking services.",
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      "text": "C4 Private equity & venture capital activity remains low. Limited presence and activity of PE firms with deal value at ~0% of GDP vs. 0.8-2.8% benchmarks. VC funding of ~0.12% of GDP in-line with benchmarks, but funding lacks at angel, early and growth stages. Fintech scene is emerging with ~10% share of all Fintech's ranking Lebanon 3rd in MENA.",
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      "text": "GWP penetration: 1%",
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      "text": "C. Key performance measures & drivers – Non Banking",
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      "text": "Source: Banque du Liban; ICC; Central Bank websites; Insurance Associations & Commissions; World Bank; Pitchbook; NSSF",
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