Insurance industry in Syria will augment domestic production

Syria's Prime Minister Naji Otari expected on Wednesday an increase in the domestic production in Syria to $ 500 million from $ 110 million in light of new developments in this regard.

"This direct launch is hovered with a bright future vision. Insurance activities have started to distribute as well there are opportunities to push the insurance sector," the Premier said.

Opening the Assurance Supervising Board Headquarters in Damascus, the Premier noted to effect of developing services sector on pushing the economic development and increasing domestic production as well backing investment atmosphere in addition to attracting investment and development projects.

He noted that there were about 30 applications to establish private insurance companies in Syria and decision is made on 3 local and Arab companies while other applications are on study.

For his part, Director of the General Establishment for Insurance Abdullatif Abboud hoped the assurance sector contribution to domestic production would reach to about 1,25 % in the tenth five- year plan for development in Syria.