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Syria

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Syria

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Syria Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Syria includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Syria can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Regulatory Alerts Global Statistics Market Profiles Insight Compliance Compliance Point Axco API Clinical Trials Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +2
Damascus
SYP
17.50 mn (2020)
5.05
7.17
15.78
0.11

Despite years of a civil war that 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.

According to statistics produced by the supervisory authority, the non-life insurance market (excluding personal accident and health business) in 2019 increased by 13.89% compared to 2018, which itself had witnessed a 20.27% fall. In US dollar terms, however, there was a continued decline in premium volume and, compared to 2010, before the outbreak of the conflict, the market in 2019 was less than 1% of its pre-war size.

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