During 2013-2017, Syria’s GDP contracted by 1.5%. The country is in throes of conflict since 2011. As per World Bank estimates, the country’s national income declined by 63% from 2011 to 2016. Disruption in crude oil-based industry, the economy’s mainstay, led to the GDP contraction in the country. As per United Nations Economic and Social Commission for Western Asia, loss of physical infrastructure is worth US$388 billion as of 2018. The country has been relying on foreign aid. Between 2011-2016, foreign aid to the country rose by 131%.
However, there are signs of stabilization in the conflict. The war is reportedly on the wane, and economic activity thus appears to be picking up. As of September 2018, the Syrian Finance Minister held that the government was planning foreign currency bonds to fund reconstruction. It was also stated that internal trade rose by 30% since the administration regained control.
As of 2017, the total insurance industry size was valued at SYP27.5 billion (US$53.4 million) in terms of GWP. It is projected to grow at CAGR 11.0% during 2017-2022. Insurance penetration has been on a declining trend since 2010 when it was 0.7%. By end-2017, it reached 0.2% and is projected to decline further to 0.1% by 2022.
Life insurance segment has a negligible share. About 98% of the total business by GWP is concentrated in General Insurance. Retail lines have the predominant share in total General Insurance business. Motor and Personal Accident and Health accounted for the major share, at about 85% of total GWP in 2017. Motor insurance was the fastest growing line of business during 2013-2017, registering a CAGR 22.6%.
The insurance industry is competitive with the presence of both domestic and foreign insurers. As of 2017, 12 insurers were operating in the insurance industry which included foreign insurers such as Arab Orient Insurance Company, Kuwait Insurance Company and Gulf Insurance Group (GIG). Due to US sanctions on Russia and Iran-based trade, foreign reinsurers are prohibited from covering the shipments and other risks to the country in this regard. Since the domestic capacity is constrained, this poses a challenge for the country.
The report "Strategic Market Intelligence: Insurance Industry in Syria - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Syrian insurance industry. It provides values for key performance indicators such as written premium, claims ratio and penetration during the review period (2013-2017) and forecast period (2017-2022).
The report provides -
- A comprehensive overview of the Syrian economy and demographics, and provides detailed information on the competitive landscape in the country
- The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages of insurers operating in the country
Companies mentioned: Arabia Insurance Company - Syria, Arab Orient Company, Syrian National Insurance
- This report provides a comprehensive analysis of the Insurance Industry in Syria.
- It provides historical values for the Syrian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key categories in the Syrian insurance industry, and market forecasts to 2022.
Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Syrian insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Syrian insurance industry.
- Identify growth opportunities and market dynamics in key product categories.