The First Libyan International Insurance Forum held in Tripoli on Monday discussed the ‘‘reality and potential’’ of the Libyan insurance sector and focused on Islamic-Takaful insurance.
Opening the event, Tripoli’s Economy Minister Ali Issawi said that the topic of insurance is a pertinent and important one for Libya. He urged the sector to move in the direction of Takaful-Islamic insurance.
As the Ministry in charge of organizing the insurance sector, the Minister said that his Ministry was concentrating on the following three main points in the sector:
1-The development of Takaful-Islamic insurance controls
2-The preparation of a classification for local insurance companies
3-The development of the executive regulations of law no. 3 of 2005 on insurance.
The Minister of Economy also opened the insurance fair held in conjunction with the events of the forum to showcase the latest services offered by local insurance companies.
It is also worth recalling that the Libyan insurance market is very much underdeveloped. It will be recalled that back in September 2017 (published in October) the Faiez Serraj government announced the formation of a General Health Insurance Organization
This led to the Health Insurance Fund (HIF) launched on the recommendation of the National Centre for Health Sector Reform (NCHSR). The NCHSR is the reform entity for Libya’s national health sector. As a first step, health insurance was launched for the education sector state employees with a view to rolling it out for all Libyan citizens.
