The Syrian government has met the representatives of the International Finance Corporation (IFC) to review the potential contribution of the IFC-part of the World Bank Group-to reforming the Syrian financial sector, including the insurance market.
The combined gross written premiums of Syrian insurance companies amounted to about SYP570bn ($51.5m) in 2024, representing growth of 96% compared to 2023, mainly due to the inflation of insured values, according to a recent report published by the Syrian Insurance Supervisory Commission (SISC).
The Syrian Insurance Federation (SIF) and the Syrian Insurance Agents and Brokers Federation (SIABF) have been dissolved.
The Insurance Development Forum (IDF) has launched a $9.25m macroinsurance policy for Syria that will trigger a payout in the event of a drought in strategic food production areas, designed to support the World Food Programme's (WFP) operations in one of the world's most vulnerable regions.
The Syrian Insurance Federation (SIF) issued a statement expressing its regret that the bank accounts of insurance companies and SIF have been frozen in pursuant to the instructions of the Central Bank for more than a month without clarifying the reasons for this freeze from the relevant authorities.
Shareholders of Kuwait-headquartered Gulf Insurance Group (GIG) have approved the group's exit from the Syrian market and the sale of its subsidiary, Syrian Kuwaiti Insurance.
The 6 February earthquake in Turkiye and Syria was by far the most devastating natural disaster in the first six months of the year, says global reinsurance giant Munich Re.
The devastating 6 February earthquake in Turkiye and Syria with economic losses of approximately $39.1bn drove global natural disaster losses in the first quarter of 2023, says leading global professional services company Aon in its "Q1 Global Catastrophe Recap April 2023" report.
The 6 February earthquakes that hit Turkiye and Syria caused an estimated $5.1bn in direct physical damages in Syria, according to a World Bank Global Rapid Assessment report, says the World Bank.
Syrian Insurance Company (SIC), the largest insurer in Syria, is collecting data in the region hit by the devastating 6 February earthquakes, to ascertain the extent of losses, says Mr Ahmed Melhem, a director of the company.