First Reinsurance in 15 Years
Syria's state insurance establishment has signed its first reinsurance contract with a global company in more than 15 years, a step officials described as the return of international risk cover to the Syrian market. The agreement was concluded on 25 June 2026 in the presence of Finance Minister Mohammad Yasser Bernieh, who chairs the board of the country's Insurance Supervision Authority.
The contract covers aviation risks for the newly created Syrian Aviation Holding Company, ending a suspension of reinsurance ties that had lasted more than 15 years.
Aviation Risks via Lloyd's
The cover was placed with international reinsurers carrying high credit ratings and was arranged through a broker identified as AIB within the Lloyd's of London market. The structure channels Syrian aviation exposure to established global underwriters for the first time since the sector was cut off from such markets.
Officials said the arrangement is intended to support the expansion of Syrian aviation into European markets.
Reconnecting to Global Finance
The finance minister called the contract an important signal of the return of global reinsurance activity to Syria specifically and a broader reconnection with the international financial system. He linked the deal to growing confidence in the Syrian economic environment and in local companies.
Reinsurance access is closely watched because it reflects whether international institutions are willing to take on Syrian risk, a barometer of the country's gradual financial reintegration.
A New Aviation Holding
The counterparty, the Syrian Aviation Holding Company, was established under Decree No. 214 of 2025, issued on 31 December 2025 by President Ahmad al-Sharaa. The decree created a public joint-stock holding company with legal personality and financial and administrative independence, headquartered in Damascus.
The holding structure groups state aviation interests under a single public entity, with international reinsurance now underpinning its planned operations.