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Insurance companies: Wage adjustment requires insurance premiums adjustment

14-10-2011 | 11:42

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Insurance companies: Wage adjustment requires insurance premiums adjustment

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The board of directors of the Association of Insurance Companies in Lebanon (ACAL) reiterated its support for the economic bodies’ decision to re-examine the wage increase settlement passed by the government. The board mentioned the negative impact of this increase on the country’s economic sector in general, and on the insurance sector in particular. “Wage adjustment requires the readjustment of insurance premiums”, he said.

The board held an urgent meeting on Friday to discuss the cabinet’s decision. “This decision, initially aimed at addressing the employees’ poor living conditions has become a burden on employers and on wage-earners whose jobs are threatened by this adjustment”.

The board stressed the necessity of looking into the above-mentioned decision and deal with it from a scientific-economic perspective within a fully-integrated package that both grants wage-earners their right to decent living conditions and allows employers and private institutions to survive in light of the harsh economic situation.

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