Syria: Private insurers see 3% decline in premiums in 1H

Source: Middle East Insurance Review | Dec 2015

Premiums reported by private insurance companies in Syria for the first half of this year amounted to about SYP3.1 billion (US$16.3 million), a decline of 3.3% compared with premiums received in the second half of 2014, reported local daily El Watan, citing an official in the Syrian Insurance Supervisory Commission.

Life premiums totalled SYP104.9 million for the first six months of this year or 3.4% of the total private-sector market, growing 5%.

Private insurers collected premiums of more than SYP493 million, with a growth rate of 19.5%.

Compulsory motor insurance accounted for SYP1.4 billion in premiums, contributing to 44.9% of the total private insurance market, representing a decline of 3.2%. The transport branch saw premiums of SYP240.8 million for January to June, a decline of 1.3%. The engineering branch reported the biggest decrease in premiums of 66.8% to around SYP14 million, with a market share of 0.5%.

General accident insurance grew at the fastest rate of 150.1% to more than SYP132 million in premiums for a private insurance market share of 4.31%.

SYP100 = US$0.53

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