Eighteen months after the first private insurance firm entered the Syrian market the sector continues to chalk up prodigious growth. Syria’s insurance sector grew by 25% in the first half of this year with premiums totalling $85 million. Total industry premiums now weigh in at around $160 million. More than 40 applications have been received by the Syrian Insurance Supervisory Commission (SISC) and 15 licenses granted, including three Islamic insurance companies which are expected to launch early next year. “Business has been excellent,” United Insurance Company directing general manager Muhammad al-Sabi said. “We’ve recorded unexpected figures and it looks promising for the near future.” The industry’s growth is all the more impressive, says Syrian Arab Insurance directing general manager Bassel Abboud, given that intense private sector competition has seen premiums fall by between 30-40%. “If prices were kept stable you would see an overall market increase of around 50%.” The
