Syria to license private insurance companies

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

In a statement to journalists on the margin of opening the Arab Insurance Horizons Conference, al-Hussein expressed confidence in the Syria 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.

For his part, Chairman of the Syrian Chambers of Commerce Rateb al-Shallah said "we consider the insurance market as a very important sector as well a main cornerstone that is part of the needed institutions to work in the financial and investment domains in Syria."

He noted that there must be a link among these various circles like banks, the exchange market and the insurance market.

General Director of the Syria insurance board Abdullatif Abboud said the conference would discuss obstacles hindering the Syrian insurance market among which are the market being limited to one company the matter that led to the prevailing of the civil servant mentality at the expense of the market retreat. He also noted to the leakage of some insurance operations to companies outside Syria.

Minister of Finance opened today the "Arab Insurance Horizons and the New Economic Situation" conference with the participation of over 18 Arab and foreign countries.

Partakers are about 350 representatives of insurance and investment companies. The two day meeting would deal with the general atmosphere of insurance in Syria, the insurance role in the society and jointly and severally as well their chances as a demanded system for important sectors in the society.