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United Arab Emirates

Life Report

Product Insurance Market Reports Life Rev United Arab Emirates

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Syria's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Syria's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Syria

The Syria life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Syria.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers interview local professionals working across the local market. The report is updated with new information and data regularly.

The report provides information about Syria’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Syria is available.

Axco’s report describes the regulatory framework that applies to the Syrian domestic life insurance sector, including whether non-admitted insurance is permitted in Syria; as well as the legislation necessary to know regarding Syria’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Syria with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Syrian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Syria, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Syrian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Syria report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Syria Life and Benefits Report Extract

Below are brief extracts of information from the Syria Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

In the ninth year of a civil war which has devastated large parts of Syria's economy and threatened the survival of the country, it is perhaps surprising that there is any insurance activity at all but a market continues to exist and to function where circumstances permit.

According to statistics produced by the supervisory authority, the life insurance market in 2019 grew by about 16.03% compared to the previous year  ....

Pensions

There are no pension products for sale in Syria as most of the population relies on the state social security scheme, despite the fact that the state pension is wholly inadequate and, in the current political and economic environment unlikely to change for a long time. The monthly minimum pension of SYP 16,175 (USD 22.33) has not changed since October 2015. Also, the lack of suitable investment opportunities does not favour the development of products which would compete with other forms of saving for old ....

Healthcare

In contrast to life and pensions business, the healthcare or private medical expenses insurance (PMI) market has been growing in local currency terms, and recorded significant growth rates in every year from 2006 to 2019, other than 2013 and 2016.

The PMI account grew by 46.0% in 2017 and by 50.9% in 2018, in spite of the traumatic effects of the civil war ....

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