The Insurance Industry in Syria, Key Trends and Opportunities to 2018, New Report Launched

The ongoing Syrian civil war, which started in 2011, has had a drastic impact on both the country’s economy and its citizens’ livelihoods. The Syrian economy is undergoing a declining phase, with the impact of the crisis being very severe. Even after years, the economy struggles to provide the population with basic necessities, such as food, clothing and shelter. The war has all but destroyed the country’s economic infrastructure, hampered sources of income, led to a decrease in production, devalued the Syrian Pound, impacted the budget, and led to further inflation and unemployment. A recent report by the United Nations called it an ’economic catastrophe.

The Syrian Insurance industry was nationalized in 1961, although signs of change were visible only at the end of 1990s as the government began to realign its economic stance. With the opening of other sectors to private enterprises, there has been an increased need for commercial insurance.

The report provides in-depth industry analysis, information and insights into the insurance industry in Syria, including:

• The Syrian insurance industry’s growth prospects by insurance segments and categories
• The competitive landscape in the Syrian insurance industry
• The current trends and drivers of the Syrian insurance industry
• Challenges facing the Syrian insurance industry
• Detailed regulatory framework of the Syrian insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Syria:

• It provides historical values for the Syrian insurance industry for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key segments and categories in the Syrian insurance industry, along with forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
• It profiles the top insurance companies in Syria, and outlines the key regulations affecting them.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast industry data related to the Syrian insurance industry and each segment within it.
• Understand the demand-side dynamics, key trends and growth opportunities within the Syrian insurance industry.
• Assess the competitive dynamics in the Syrian insurance industry.
• Identify the growth opportunities and market dynamics within key segments.
• Gain insights into key regulations governing the Syrian insurance industry and its impact on companies and the industry's future.

Key Highlights

• In terms of gross written premium value, the Syrian insurance industry declined at a review-period compound annual growth rate of -0.8%.
• The Muslim population accounts for 87% of the total population in Syria, with takaful insurance expected to account for a significant industry share over the forecast period.
• Syria’s healthcare system suffered greatly due to the civil war and the subsequent ongoing political turmoil. Individuals have been deprived of any kind of medical assistance due to the destruction of hospitals and attacks on senior doctors, nurses and other medical staff.
• A key challenge for the Syrian insurance industry is the country’s rising level of unemployment, which lowers consumer buying power and discourages people from investing in insurance.
• The Syrian insurance industry is struggling with inadequate supervision, due to a weak regulatory framework.

Spanning over 133 pages, “The Insurance Industry in Syria, Key Trends and Opportunities to 2018” report covering the Executive Summary, Introduction, Syrian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. The report covered 4 Companies are - United Insurance Company, Syrian Kuwaiti Insurance, Trust Insurance Syria Company, Arope Syria

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