The General Secretariat of the Presidency of Syria has issued a decree allowing insurance companies to offer insurance products denominated in foreign currency for sectors and projects that, by their economic and financial nature, necessitate such coverage-most notably, energy, oil and gas, infrastructure, engineering, and other major investment ventures.
Foreign-currency-denominated policies to be issued include those for health insurance to cover medical treatment outside Syria, travel insurance and other types of specialised insurance.
The decree marks a pivotal advancement in the development of the legislative and regulatory framework for the insurance sector, aligning with the requirements of economic recovery in the country and strengthening the factors that attract investment to Syria, according to a statement by the Syrian Insurance Supervisory Commission (SISC).
The SISC said, “This initiative will facilitate the provision of more efficient and flexible insurance solutions tailored to the needs of investors and project owners. It also enhances the capacity of insurance companies to underwrite high-cost risks, thereby fostering a more favourable investment climate and mitigating the challenges associated with insuring strategic and vital projects.”
The Commission emphasised that the decree is a key step toward developing the Syrian insurance market, enabling it to keep pace with current economic and investment demands, and regional and international changes. It serves to bolster confidence in the insurance sector and cultivate a more stable and secure investment environment—ultimately yielding a positive impact on economic and developmental activity and serving the public interest.”
Insurance companies that are members of the Syrian Federation of Insurance Companies, operate in the country, and are licensed by the SISC are allowed to offer foreign-currency-denominated products.