Exclusive Interview with Max Zaccar, president of the “Association des Companies d’Assurances au Liban” (ACAL)
Lebanese Insurers are joining hands to meet the requirements of the newly established oil and gas sector in Lebanon says Max Zaccar, President of the Insurance Association in Lebanon (ACAL).
The main mission of ACAL is to “establish close cooperation among its members in different fields building the profession on technical and sound bases and instituting rules and regulations liable to raise the level of the insurance industry as well as safeguarding the public interest and insuring the representation of its members with the authorities and third parties.”
ACAL is a major supporter to the 4th LIOG-2018 Summit, and will be in charge of a special session on “Insurance and risk management” in day-2 of the conference.
The LIOG team discussed with Zaccar the role of ACAL and the aspirations of the insurance industry along with its obligations to the oil and gas sector -- topics that will be well covered during the Summit.
- How do you evaluate the potential of Lebanon’s petroleum sector?
Clearly this is a new industry with a lot of future potential in every aspect: Economy, job opportunities, creation of new enterprises, development of new expertise etc…
- Do you have any assessment of the required investments in the insurance sector for this nascent industry? What can drive the growth in investments?
The insurance law provides that all assets must be insured locally. Of course the generated insurance premium will be invested in Lebanon. Our insurance market with $1,100 million of capital and free assets has the capabilities to insure this new industry.
- What role can ACAL play in developing the oil and gas sector in Lebanon?
ACAL would like that all insurance companies take a share of this new business. As such ACAL is creating and will be managing an insurance “pool” with the participation of all the local insurance companies. This model is in force in many countries worldwide. This pool will enable us to fulfil the requirements of the insurance law. In addition, with the proximity we will be able to service operators without any delays.
- What are your expectations from your participation in the 4th edition of the Lebanon International Oil and Gas Summit (4th LIOG-2018 Summit)?
We will explain to all Oil players that our industry is ready and able to insure any needs required. After all our insurance industry is the oldest in the MENA region and we have always been at the forefront of new insurance cover
- Any recommendation to other industry leaders?
They should not shy away in front of the new challenges that they will encounter
With such a clear vision and commitment by ACAL, the Lebanese insurance industry is expected to play an important role in developing the petroleum sector in the country including operators, contractors and service providers along with companies across the supply chain.