Middle East News - Syria: Premiums climb by nearly 17% to US$52 mln in 1H
Source: Middle East Insurance Review | Jan 2016
Premiums in Syria totalled SYP9.9 billion (US$52.4 million) for the first half of 2015, 16.7% higher than in the corresponding period last year, despite armed conflict in the country, according to data from the Syrian Insurance Supervisory Commission (SISC).
Compulsory auto and health insurance accounted for 76% of the market’s total premiums from January to June. Health premiums stood at SYP5.5 billion, while compulsory auto insurance premiums totalled almost SYP2 billion, reported the Al Watan news website.
The general accident branch achieved the highest growth rate of 66.8% in the first half of the year compared to the corresponding period in 2014, with premiums amounting to SYP243 million. This constituted around 2.5% of the total market share.
Engineering insurance premiums declined 14.9% to SYP61 million, due to the slowdown in construction and other projects. Fire premiums fell by 7.7% to SYP736 million, accounting for about 7.4% of the total market.
In 2014, Syria reported an increase of 3.6% in premiums to SYP14.4 billion.
SYP10 = US$0.05