Making the transition from state monopoly to free market

The transition from a monopoly to a free market has brought considerable competition into the Syrian insurance market, with consequent reductions in premium rates and the introduction of new and more consumer-friendly insurance products. Much less insurance business is now being placed outside the local market, since the pricing of standard products is now on a par with the markets in neighbouring countries. The Syrian Insurance Supervisory Commission has been keeping a close eye on competition in the market, and is attempting to ensure an orderly transition

At the end of 2007, the former monopoly insurer Syrian Insurance Company (SIC), had a 60% share of the total insurance market; life, health and non-life combined.