Minister of Finance, Dr. Mohammed al-Hussein, affirmed on Sunday November 11, 2007 that the Syrian insurance market's growth has amounted between 25% and 30% during few last months, which reflects the activities of insurance companies and the competition among them. Click more…
Minister of Finance, Dr. Mohammed al-Hussein, affirmed on Sunday November 11, 2007 that the Syrian insurance market's growth has amounted between 25% and 30% during few last months, which reflects the activities of insurance companies and the competition among them.
At the concluding session of the 3rd Damascus Insurance Assembly, Dr. al-Hussein stated that the Syrian insurance market is steadily developing and that everything is going according to plan, expressing hope to establish an insurance market that provides 200 million dollars during the next year.
The Minister added that the variety in the insurance market has given a positive impression, stressing that the Insurance Supervision Commission will regulate the market and that his ministry will treat all insurance companies equally.
He also discussed the issued decisions which provide flexibility for insurance companies, pointing out to the importance of founding the Syrian Insurance Companies Union and the need for it to play its part in regulating the insurance market.
Finally, Dr. al-Hussein denied that licensing insurance companies has ceased, stating that the licenses will be given to new companies if the suitable and necessary requirements are available. He also affirmed that the Syrian General Insurance Company has nothing to fear from private companies, and it will take a different approach in the upcoming phase, which enable it to be a key player in the Syrian insurance market.
