Libya

Axco provides details on the life insurance sector including Libyan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Libya, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Libyan pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Libya report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

It is difficult to determine the current size of the Libyan insurance market and how it is developing due to the lack of recent insurance market statistics as a result of Libya's ongoing civil war. The most recently available statistics for 2012 showed life premiums at LYD 7.60mn (USD 6.03mn) or just over 2% of the total insurance market. Market sources indicate that the market has most likely contracted since 2012.

It is noticeable that in the period 2015 to 2019 a number of insurance companies sprung up, registered in Benghazi, rather than Tripoli ....

There is no company pension market in Libya. Membership of the Social Security Fund (SSF) is compulsory for most people in employment and the self-employed. The social security pension scheme is comprehensive providing an adequate level of benefits for its members.

The principal reasons for the lack of private and company pension funds include:

• the substantial contribution currently made by individuals to the social security scheme

• ....

Major problems have arisen in the health sector as a result of the conflict in Libya. The country is divided between rival administrations, meaning that it is extremely challenging for national and local institutions to provide the appropriate level of healthcare. Furthermore, the local municipalities with responsibility for healthcare delivery are suffering funding shortages.

Many facilities have been directly attacked or damaged due to fighting with those remaining functional overburdened ....