Syria opens its insurance market to private companies
Syria, Economics, 6/4/2005

The Arab Insurance Horizons Conference announced support yesterday to Syria's move to open insurance market to the private sector and called to boost the insurance companies and boards with good and qualified cadres.

Syria will receive applications to establish private insurance companies starting form Mid July this summer, Minister of Finance Mohammed al-Hussein said Wednesday.

In a statement on the margin of the Arab Insurance Horizons Conference, al-Hussein expressed confidence of the Syrian General Establishment for Insurance because the Syrian insurance market is wide and can contain all."

The insurance market is capable of attracting big insurance companies and institutions and there are many parties that showed interest in joining the Syrian market," he said.

The conference called to contribute in spreading the insurance knowledge among Syrians by holding seminars and coursers through the Arab federation for insurance. It also called to give governmental insurance companies the same privileges of the private companies regarding the financial, technological and data capabilities and to allow these companies to present insurance products of high quality mainly in the field of personal insurance.

Syria recently issued decree number 43 which organized the Syrian insurance sector and boosted the aim of attracting investments in the field of insurance to Syria.

"The umber of companies participating at the conference has been doubled where more than 120 Arab and foreign companies who rushed to join the gathering to explore its horizons and the Syrian insurance market rich opportunities," organizer of the conference Radwan al-Shanwani said.

He praised the Lebanese intensive participation at the conference saying most of the Lebanese insurance companies took part at the gathering and "this is an indication of ties of fraternity and complementary joining the two states and peoples."

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