Syria: Arab Union Re to cover transport risks

Source: Middle East Insurance Review | Oct 2015

Arab Union Reinsurance Company (AUR) has signed an agreement with the Syrian General Organization for Insurance (SGOI) to cover transport risks, including land, sea and air, for a period of 16 months to 31 December 2016.

Each shipment is covered for up to SYP1 million (US$5,300), with SGOI retaining 20% of the risk and the rest borne by AUR, reported the Syrian Arab News Agency. There were no details about the reinsurance premium.

The Syrian insurance sector has been affected by the departure of a number of reinsurance companies from the market in 2012. Companies that remain in the Syrian market face difficulties in transferring funds.

SGOI commanded the largest share of the Syrian insurance market last year with a share of about 55%, and premiums exceeding SYP8 billion.

Transport insurance saw the biggest decline in premiums of 40% last year, due to lower foreign trade. The transport segment reported premiums of SYP686 million for 2014, representing nearly 5% of the total insurance market.

SYP10 = US$0.05

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