Syria: Premiums grew by 4% in 2014 despite civil war
Source: Middle East Insurance Review | Jul 2015
Despite the civil war in Syria, the country’s insurance market has reported an increase of 3.6% in premiums for 2014 to SYP14.4 billion (US$76.3 million), compared to SYP13.9 billion for 2013.
Health insurance accounted for the biggest share of the market, receiving 36% of total premiums. Medical premiums rose by 4.9% to SYP5.2 billion last year, reported the local Arabic language daily Al Watan, citing official data.
Compulsory motor insurance was the second biggest segment, with premiums growing by 29% to SYP4.1 billion. Comprehensive auto insurance ranked third as premiums amounted to more than SYP1.7 billion for 2014, an increase of 20% from 2013.
Transport insurance saw the biggest decline in premiums of 40% last year, due to lower foreign trade. This class of business reported premiums of SYP686 million for 2014, representing a market share of nearly 5%. Engineering premiums fell by 20% to SYP114 million, mainly due to project stoppages and the suspension of reconstruction work.
Life premiums were marginally down by 1% to SYP220 million last year, making up 1.5% of the total market. Fire insurance achieved the highest growth rate of 36.5%, with premiums amounting to SYP1.6 billion or 11% of the total market.
The Syrian General Organization for Insurance commanded the largest share of the insurance pie last year of about 55%, with premiums exceeding SYP8 billion.
SYP10 = US$0.05