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

Published: Sep, 2014 | Pages: 133 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Syria, including:
The Syrian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Syrian insurance industry
The current trends and drivers of the Syrian insurance industry
Challenges facing the Syrian insurance industry
Detailed regulatory framework of the Syrian insurance industry

Summary
The ongoing Syrian civil war, which started in 2011, has had a drastic impact on both the country's economy and its citizens' 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 country'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 '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.
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 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Syrian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Syria, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Syrian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Syrian insurance industry.
Assess the competitive dynamics in the Syrian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Syrian insurance industry and its impact on companies and the industry's future.
Key Highlights
In terms of gross written premium value, the Syrian insurance industry declined at a review-period compound annual growth rate of -0.8%.
The Muslim population accounts for 87% of the total population in Syria, with takaful insurance expected to account for a significant industry share over the forecast period.
Syria's healthcare system suffered greatly due to the civil war and the subsequent ongoing political turmoil. Individuals have been deprived of any kind of medical assistance due to the destruction of hospitals and attacks on senior doctors, nurses and other medical staff.
A key challenge for the Syrian insurance industry is the country's rising level of unemployment, which lowers consumer buying power and discourages people from investing in insurance.
The Syrian insurance industry is struggling with inadequate supervision, due to a weak regulatory framework.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Syrian Insurance Industry Overview
3.1 Syrian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.3.3 Travel insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Workmen's compensation
5.3.2 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 Syrian Insurance Supervisory Commission (SISC)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 United Insurance Company - company overview
6.2.2 Syrian Kuwaiti Insurance - company overview
6.2.3 Trust Insurance Syria Company - company overview
6.2.4 Arope Syria - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP Per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Total Life Expectancy (Number of years)
7.6 Total Labor Force (Million)
7.7 Total Number of Households (Million)
7.8 Urban and Rural Population (Percentage)
7.9 Total Population (Million)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Syrian Insurance Gross Written Premium by Segment (SYP Billion), 2009-2013
Table 3: Syrian Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Syrian Insurance Gross Written Premium by Segment (SYP Billion), 2013-2018
Table 5: Syrian Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Syrian Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Syrian Life Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 8: Syrian Life Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 9: Syrian Life Insurance - Paid Claims (SYP Million), 2009-2013
Table 10: Syrian Life Insurance - Paid Claims (SYP Million), 2013-2018
Table 11: Syrian Life Insurance - Incurred Loss (SYP Million), 2009-2013
Table 12: Syrian Life Insurance - Incurred Loss (SYP Million), 2013-2018
Table 13: Syrian Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Syrian Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Syrian Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Syrian Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Syrian Life Insurance - Total Assets (SYP Billion), 2009-2013
Table 18: Syrian Life Insurance - Total Assets (SYP Billion), 2013-2018
Table 19: Syrian Life Insurance - Retentions (SYP Billion), 2009-2013
Table 20: Syrian Life Insurance - Retentions (SYP Billion), 2013-2018
Table 21: Syrian Non-Life Insurance - Gross Written Premium by Category (SYP Billion), 2009-2013
Table 22: Syrian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 23: Syrian Non-Life Insurance - Gross Written Premium by Category (SYP Billion), 2013-2018
Table 24: Syrian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 25: Syrian Non-Life Insurance - Paid Claims (SYP Billion), 2009-2013
Table 26: Syrian Non-Life Insurance - Paid Claims (SYP Billion), 2013-2018
Table 27: Syrian Non-Life Insurance - Incurred Loss (SYP Billion), 2009-2013
Table 28: Syrian Non-Life Insurance - Incurred Loss (SYP Billion), 2013-2018
Table 29: Syrian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 30: Syrian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 31: Syrian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 32: Syrian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 33: Syrian Non-Life Insurance - Total Assets (SYP Billion), 2009-2013
Table 34: Syrian Non-Life Insurance - Total Assets (SYP Billion), 2013-2018
Table 35: Syrian Non-Life Insurance - Retentions (SYP Billion), 2009-2013
Table 36: Syrian Non-Life Insurance - Retentions (SYP Billion), 2013-2018
Table 37: Syrian Property Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 38: Syrian Property Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 39: Syrian Motor Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 40: Syrian Motor Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 41: Syrian Liability Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 42: Syrian Liability Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 43: Syrian Marine, Aviation and Transit Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 44: Syrian Marine, Aviation and Transit Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 45: Syrian Persol Accident and Health Insurance - Gross Written Premium by Category (SYP Billion), 2009-2013
Table 46: Syrian Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 47: Syrian Persol Accident and Health Insurance - Gross Written Premium by Category (SYP Billion), 2013-2018
Table 48: Syrian Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 49: Syrian Persol Accident and Health Insurance - Paid Claims (SYP Billion), 2009-2013
Table 50: Syrian Persol Accident and Health Insurance - Paid Claims (SYP Billion), 2013-2018
Table 51: Syrian Persol Accident and Health Insurance - Incurred Loss (SYP Billion), 2009-2013
Table 52: Syrian Persol Accident and Health Insurance - Incurred Loss (SYP Billion), 2013-2018
Table 53: Syrian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 54: Syrian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 55: Syrian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 56: Syrian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 57: Syrian Persol Accident and Health Insurance - Total Assets (SYP Billion), 2009-2013
Table 58: Syrian Persol Accident and Health Insurance - Total Assets (SYP Billion), 2013-2018
Table 59: Syrian Persol Accident and Health Insurance - Retentions (SYP Billion), 2009-2013
Table 60: Syrian Persol Accident and Health Insurance - Retentions (SYP Billion), 2013-2018
Table 61: Syrian Persol Accident Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 62: Syrian Persol Accident Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 63: Syrian Health Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 64: Syrian Health Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 65: Syrian Travel Insurance - Gross Written Premium (SYP Billion), 2009-2013
Table 66: Syrian Travel Insurance - Gross Written Premium (SYP Billion), 2013-2018
Table 67: Syrian Reinsurance - Ceded by Insurance Segment (SYP Billion), 2009-2013
Table 68: Syrian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 69: Syrian Reinsurance - Ceded by Insurance Segment (SYP Billion), 2013-2018
Table 70: Syrian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 71: Syrian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Syrian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 73: Syrian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Syrian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Syrian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 76: Syrian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 77: Syria - Life Insurance Regulatory Framework
Table 78: Syria - Property Insurance Regulatory Framework
Table 79: Syria - Motor Insurance Regulatory Framework
Table 80: Syria - Liability Insurance Regulatory Framework
Table 81: Syria - Corporate Tax Rate for the Fincial Year 2014
Table 82: Syrian Insurance Market Share, 2010
Table 83: United Insurance Company, Main Products
Table 84: United Insurance Company, Key Employees
Table 85: Syrian Kuwaiti Insurance, Main Products
Table 86: Syrian Kuwaiti Insurance, Key Employees
Table 87: Trust Insurance Syria Company, Main Products
Table 88: Trust Insurance Syria Company, Key Employees
Table 89: Arope Syria Company, Main Products
Table 90: Arope Syria Company, Key Employees