Insurers Ordered to Go Public
All insurance companies operating in Syria must convert into public joint-stock companies and list their shares on the Damascus Securities Exchange, under a directive issued on 10 September 2026. The decision was taken by the board of the Insurance Supervision Authority, which is chaired by the finance minister.
The order gives each company a maximum of 18 months to bring its legal status into line with the new requirement. It applies to the entire insurance market rather than to a single firm.
Minister Sets the Timeline
On 18 September 2026 the finance minister, Muhammad Yusur Barniyah, met the general managers of private insurers at the ministry to prepare the transition, alongside Firas al-Azm, director general of the Insurance Supervision Authority. The meeting agreed to establish guidelines governing reassessment and conversion procedures and a separate timetable for each company.
Barniyah said public offerings and listings should be scheduled at different times, in coordination with the Syrian Securities and Commodities Commission and the Damascus Securities Exchange, so that flotations do not reach the market all at once.
Part of a Sector Strategy
The conversion is tied to a national strategy for developing the insurance sector that the authorities had already circulated to companies for their comments. The plan also covers digital transformation, capacity building, and the introduction of new insurance products.
Officials framed the overhaul as preparation for the coming phase, stressing stronger governance and integrity within firms as they move toward public ownership.
Aims and Market Impact
The stated goals are to strengthen transparency and governance, widen the ownership base, and attract fresh capital to insurers. Listing the companies is also intended to deepen trading on the Damascus Securities Exchange and enlarge the sector's role in the wider economy.
By requiring a public offering across the sector, the measure moves privately held insurers toward the disclosure standards applied to listed firms, though the 18-month window leaves the immediate market structure unchanged.