The combined gross written premiums of Syrian insurance companies amounted to about SYP570bn ($51.5m) in 2024, representing growth of 96% compared to 2023, mainly due to the inflation of insured values, according to a recent report published by the Syrian Insurance Supervisory Commission (SISC).
The report indicated that the GWP of private insurance companies reached SYP272.4bn in 2024, growing by 97.7% over the past year, while the premiums of the Syrian General Insurance Corporation, the state-owned insurer, amounted to SYP297bn, controlling around 52% of the market premium income.
The SISC report noted that the health insurance branch commanded the largest share of the market as its premiums reached SYP283bn, accounting for 50% of the market’s total GWP.
Paid claims in 2024 reached around SYP307bn, rising by 86% compared to the previous year. The figure represents 54% of the market’s total GWP.
The technical profit of the year for the sector stood at SYP43.8bn, with the travel insurance branch of business contributing the largest share.