The Insurance Industry in Syria, Key Trends and Opportunities to 2018

Date: 2015-09

“The ongoing Syrian civil war, which started in 2011, has had a drastic impact on both the countryโ€™s economy and its citizensโ€™ livelihoods. The Syrian economy is undergoing a declining phase, with the impact of the crisis being very severe. Even after years, the economy struggles to provide the population with basic necessities, such as food, clothing and shelter. The war has all but destroyed the countryโ€™s economic infrastructure, hampered sources of income, led to a decrease in production, devalued the Syrian Pound, impacted the budget, and led to further inflation and unemployment. A recent report by the United Nations called it an โ€™economic catastrophe.
The Syrian Insurance industry was nationalized in 1961, although signs of change were visible only at the end of 1990s as the government began to realign its economic stance. With the opening of other sectors to private enterprises, there has been an increased need for commercial insurance.”

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