Activities

Dr. Riad Abdul-Raouf, Minister of Finance, invited General Managers of Syrian insurance companies, Head of the Insurance Commission at the International Chamber of Commerce Syria, and President of the Syrian Insurance Federation, for a meeting at the Mini

Insurance Commission Activities

Dr. Riad Abdul-Raouf, the Minister of Finance, held a meeting with the general managers of Syrian insurance companies, Mr. Marwan Affaki, Head of the Insurance Commission at ICC Syria, and Dr. Mohamed Imad Eddin Khalifa, President of the Syrian Insurance Federation. The meeting aimed to openly discuss the current state of the Syrian insurance sector and explore potential development opportunities, emphasizing the sector's role in supporting development plans, providing protection for assets, and enhancing the financial stability of individuals and companies.

The Minister of Finance emphasized the importance of cooperation with the private sector to identify challenges, propose solutions, and activate communication and coordination between sector components and supervisory authorities. The Minister also highlighted the significance of the insurance sector in the development of Syria's economic infrastructure, stressing the need for a clear vision that involves all stakeholders, to enhance the sector and increase its contribution to the national economy.

During the meeting, Mr. Marwan Affaki, Head of ICC Syria Insurance Commission, presented a working paper that included the following key points:

1. Challenges faced by companies in complying with regulatory requirements.

2. Challenges in the insurance sector related to inflation, economic stagnation, reinsurance, shortage of specialized professional competencies, and the need to raise awareness about insurance.

3. Support for digital transformation and the adoption of modern technologies.

4. Cooperation between the public and private sectors, discussing possible partnerships to strengthen the sector and involve the private sector in organizing and implementing major national programs such as health insurance, mandatory insurance schemes, and proposing solutions.

Following this important meeting, Insurance Commission members met, with the presence of the President of the Syrian Insurance Federation, took place on December 1, 2024. The meeting focused on discussing the work plan for 2025 based on the discussion with the Minister of Finance and evaluating the Committee's activities and achievements during 2024.

The goal of both meetings was to develop a unified vision and work strategy that strengthens the stability and growth of the sector, ensures the protection of all stakeholders' rights, and fosters balanced relationships and cooperation with all components of the Syrian insurance market.