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India: Strengthening Inclusive Insurance and Risk Finance
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Financial Systems, Risk & InclusionMiddle East · Lebanon
Lebanon: Strengthening Earthquake Resilience
Strengthening earthquake resilience
The engagement
Challenge to impact
01 · Challenge
Lebanon’s geographic location places it at high seismic risk, with a 50-year history of significant disaster events. Yet, the country lacked effective financial mechanisms to mitigate such risks. Insurance coverage for catastrophic events remained limited, leaving both public infrastructure and private assets vulnerable. Local insurance companies had little experience or incentive to develop earthquake-related products. Without a national strategy or sufficient market engagement, Lebanon faced mounting economic exposure.
02 · Strategy
In 2017, the World Bank engaged GG International to conduct a comprehensive assessment of Lebanon’s disaster risk exposure and insurance sector capacity. Led by Finance & Risk Thematic Team Leader Russell Leith, the strategy included:
03 · Transformation
GG International’s advisory work catalyzed critical awareness and innovation in Lebanon’s insurance sector:
04 · Impact
1
Historic disaster analysis spanning five decades, emphasizing earthquakes and economic impact.
2
Development of insurance and finance product prototypes tailored to seismic risks.
3
Review of global disaster risk frameworks to identify best practices.
4
Facilitated workshops with domestic insurers to encourage product development.
5
Advisory outreach to international reinsurers, highlighting Lebanon’s risk landscape and opportunity.
6
New concepts for earthquake insurance products were introduced to the market.
7
Insurance companies began building the capacity to offer disaster risk products.
8
Reinsurers showed interest in engaging with Lebanon on seismic risk transfer.
9
The groundwork was laid for long-term integration of insurance into Lebanon’s national disaster resilience framework.
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