Lebanon’s insurance companies may witness a 20 percent drop in insurance premiums and volume if these firms start charging their customers in fresh US dollars or according to black market rates, former president of the Insurance Association Elie Torbey said Monday.

“Up till now, the insurance companies are accepting banker’s checks from their clients but I don’t think this trend will last too long if the economic recession and devaluation of the pound continues at this rate. If the GDP drops by 20 percent then it’s natural that the insurance portfolio of all the insurance firms will fall by the same amount,” Torbey told The Daily Star.

He warned that if hospitals and car mechanics insisted on charging in fresh dollars or at black market rates then the insurance companies will be obliged to do the same.

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