The insurance sector in Syria which includes 13 companies is rapidly developing with the aim to achieve a volume of more than USD 400 million by the end of 2010, Syrian Minister of Finance Mohammad al-Hussein said.
In a statement to SANA, Minister al-Hussein added that insurance premium volume has reached SYP 4,842 billion ( 1 USD ≈ 47 SYP) in the third quarter of 2010, recording a growth rate of 24,71 % as compared to the same period in 2009.
He pointed out that the total insurance premiums during the first three quarters of 2010 till the end of September reached SYP 14,608 billion as compared to SYP 10,441 billion over the same period in 2009, recording 39,92% growth.
The minister indicated to the growth in the obligatory car insurance market by 17,33 % with total premiums amounting to SYP1,791 billion, while the comprehensive motor insurance market has grown by 20,52% and insurance premiums were up to SYP 1,019 billion contributing by 21,6% to the total premiums of the third quarter of 2010.
He added that the health insurance market has grown by 120% with total premiums amounting to SYP 375,841 million, contributing to the total amount of the premiums of the third quarter of 2010 by 7,76 %.
He said that transport insurance market has recorded a drop of 22,48% with total premiums amounting to SYP 274,201 million.
Regarding engineering insurance market, the minister said that the sector has grown by 26% with total premiums of SYP 111,585 million, while the fire insurance market has recorded 54,89% growth and the life insurance market has grown by 60,35%, with SYP 73,142 million premiums, making 1,51% of the total amount of the third quarter of 2010.
Source : Global Arab Network
