Activities

ICC Syria Insurance Committee Achievements

ICC Syria Insurance Committee Achievements

Chaired by Mr. Marwan Affaki, ICC Syria Board Member/Chairman of the United Insurance Company (UIC), with the presence of the General Manager of the Syrian General Insurance Corporation, the Secretary General of the Syrian Federation of Insurance Companies, and ICC Syria members from the leading insurance companies in Syria (United Insurance Company - Syrian Arab Insurance Company - Solidarity Alliance Insurance Company - Syrian International Insurance- AROPE Syria Company), several meetings have been held since the establishment of the committee in 2023, to discuss ways to develop the Syrian insurance market and discuss global developments in the international chamber of commerce national committees, and circulate them through seminars and trainings held by the committee in cooperation and participation with supervisory bodies and stakeholders, as well as to come up with joint proposals to develop the sector. During this period of the committee's work, four targets were achieved thanks to the cooperation between all parties of the Syrian insurance market and the significant support from the Syrian Insurance Supervisory Commission, namely:

1. "Reinsurance Practices training" during the launch ceremony of the Insurance Committee at the International Chamber of Commerce Syria – November 2023.

2. Requested the Syrian Insurance Supervisory Commission regarding cooperation with the Ministry of Tourism, to issue a circular from the ministry to tourism and travel offices to deal exclusively with the licensed Syrian insurance companies when issuing travel insurance policies. The aim being to support the Syrian national economy and ensure added benefits to the national insurance companies.

3. Provided the Syrian Insurance Supervisory Commission with a study by the Insurance Committee on the outcomes of the questionnaire from nine leading insurance companies, which was circulated to them, on the impact of raising the limits of compulsory car insurance compensation without raising premiums by companies. This proposal was discussed during the Board meeting of the Syrian Insurance Supervisory Commission, headed by the Minister of Finance, in addition to the proposals submitted by Syrian Insurance Supervisory Commission and the Syrian Federation of Insurance Companies. The outcome of these interventions and meetings led to the raise of compensation ceiling paid to those affected by traffic accidents, with the view to strengthen the social and humanitarian goal of insuring civil liability towards others in vehicle insurance (compulsory insurance), and in line with the goal of achieving the principle of compensation on which insurance is based, especially with regard to the medical costs incurred by the person affected by the traffic accident, as well as compensating the largest part of the material damage to the property to third parties, in addition to continuing the gradual increase in death and disability compensations for the heirs of the deceased in vehicle accidents.

4. Apply the Syrian insurance companies' mechanism in providing all kinds of insurance contracts with a QR Code to obtain the contractual terms online, to replace printing the terms on paper. This result is due greatly to the comprehensive study drafted by Atorney Mr. Ahmed Haddad – ICC Syria Legal Advisor and submitted by ICC Syria insurance committee to the Syrian Insurance Supervisory Commission regarding the proposed legal mechanism for this digital transformation in drafting contracts between the insurer and the insured.

This achievement was obtained thanks to the successful and rapid coordination between the Syrian Insurance Supervisory Commission and the Ministries of Justice and Communications and other relevant authorities, and after receiving the first request for electronic issuance of insurance contracts from a private insurance company, the Commission granted its approval during the month of August 2024 for the first case of issuing general terms of an insurance contract using the QR-Code method. This outcome is an essential step on the path of digital transformation in the insurance sector, and the role of digitization in cutting costs in printing, and preserving the environment as a result of saving paper consumption.

We are proud of the fact that the report of ICC B-MENA Regional Consultive Group, which was presented during ICC World Council meeting on June 11, 2024 in Paris, included the mention of the achievements of ICC Syria among the achievements of the region in terms of projects that support women (as Vice President and Director of the thematic Committee of the Union of Mediterranean Confederation of Enterprises), and the activities of the Insurance Committee.