Boston, MA -- (SBWIRE) -- 06/24/2013 -- On account of continuous domestic conflict, the Syrian economic and financial system has weakened considerably and opportunities for business entities are slowly withering away. In spite of the crisis, the Syrian insurance industry grew in terms of written premium value, at a CAGR of 17.0% during the review period. Non-life insurance accounted for the largest market share of the total insurance written premium value in 2012, due to growth in property and motor insurance. The personal accident and health insurance segment grew, at a CAGR of 95.3% during the review period due to the government's introduction of a National Health Insurance scheme, and the purchase of comprehensive health insurance by many citizens to ensure ease of access to quality healthcare services. Takaful insurance is gaining popularity in many Muslim countries and has grown significantly in MENA countries. The Muslim population accounts for 87% of the total population in Syria, and Takaful insurance is expected to account for a significant industry share over the forecast period.

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Key Highlights

- The non-life insurance segment accounted for the largest share of the total insurance written premium value in 2012.
- The personal accident and health insurance segment grew significantly at a CAGR of 95.3% during the review period.
- With EU sanctions on Syrian crude oil imports and the suspension of the free trade agreement with Turkey, Syria increased its trade with Russia and Iran. Growth in oil exports will positively impact marine and transit insurance.
- Property insurance was the largest category in non-life.
- The motor insurance category was the second-largest non-life insurance category during the review period and grew at a CAGR of 4.8%

Scope

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 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Syrian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Syria and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Syrian insurance industry and each segment within it
- Assess the competitive dynamics in the Syrian insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Syrian insurance industry
- Identify the growth opportunities and market dynamics within key segments

Companies Mentioned in this Report: United Insurance Company, Arope Syria Company, Trust Insurance Syria Company, Adonis Insurance Company - Syria (ADIR)

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