Ministry of Economy suspends license of Mainz Essalam

The Ministry of Economy and Trade has suspended the license of Mainz Essalam Insurance Co. because it lacks adequate financial solvency and was unable to fulfill its obligations towards its customers, said Minister Raoul Nehme.

The company issued 50,000 compulsory insurance policies in 2019 which was beyond its capacity, the Minister of Economy and Trade said.

Mainz Essalam provides insurance coverage against fire, general accidents, and transportation. At the end of 2018, its total assets stood at LL14.4 billion ($9.5 million at the official exchange rate of LL1,500), according to the latest annual report of the Insurance Control Commission.