Assurex loses license to credit insurance

12 insurance companies operating in the country offer credit insurance

June 28, 2011- The Ministry of Economy and Trade issued a decision pulling out the license of Assurex, a local insurance company, to cover loans and advances.

The decision was based on a demand presented by the company itself, which in fact stopped assuring credits since 2003. Based on this decision, the guarantees, deposited at the Ministry of Economy, were liberated.

According to the Ministry of Economy and Trade, 12 insurance companies operating in the country still offer credit insurance - even if this activity is somewhat marginal: Lebanese Credit Insurance, Arabia, Union Nationale, Al-Mashrek, Bankers, Arope, North, Cumberland, Medgulf, Amana, Trust, and Credit Libanais.