The challenge we’re facing nowadays in the underwriting process of the Auto insurance in Lebanon is shared by most insurance companies: Keep the status quo on Rates and Conditions & keep on losing money, or increase Rates and face the wrath of the Agents/Brokers, backed by the uncompromising Sales Department.

Furthermore, Fidelity is not the only Company that stopped the Multiple Years Auto insurance Product’s underwriting in Lebanon. We realized soon enough that the main subject was how to decrease the tremendous Loss Ratio of the Auto insurance in Lebanon that was sucking everybody’s Profits down the drain.

There is no Magical wand that may turn Loss into Benefit in Auto insurance in Lebanon. Sometimes, hard but bold decisions have to be taken in order to bring about a true recovery. We cannot flare up our rates, of course, but there are several other alternatives that could improve on the results: Deductibles on policies with repetitive claims, Deductibles on all vehicles that are over ten years old or on Drivers younger than 25 years of age, exclusion on Denting & Scratching that are not part of an accident and that are not accompanied by an Expert Report.

Maybe some adjustments on the claims handling the Auto insurance in lebanon could also help, such as the option of having our own Repair Workshop.

Whereas the insured has applied near Fidelity to cover his vehicle against own damage and other accidents, and has paid or agreed to pay the required premium stated in the schedule, the company will, subject to the terms, conditions, exceptions and limitations of the present contract, provide cover for the benefits identified in the schedule of the policy as per the general conditions.

The purpose of the general conditions is to indemnify the insured against loss or damaged and/or liability, occurring during the period stated and within the geographical limits.

In conclusion and based on the above, the Auto insurance policies in Lebanon, would be subject of an inflexible increase in rates that would put us into the standard of companies with a medium, but profitable Motor Portfolio.

Don’t just use the premium as the basis of where to shop for your insurance. Make sure that the company is well rated, such as fidelity and has a good reputation of paying quickly and handling claims in a professional manner and a reliable service.