Damascus Insurance Forum closes with emphasis on supervision independence, boosting competitiveness
Damascus – In its closing session on Wednesday, participants in the 6th Damascus Insurance Forum recommended preserving the independence of supervision and monitoring bodies to reach a developed legislation environment. They called for improving management methods and increasing the knowledge of risks and capital management with the aim of boosting the capabilities of the working staff and production. The participants called for expanding insurance coverage to include fire insurance and job responsibilities, as it also called for setting definite terms for car accident damages for the damaged in addition to upgrading the specialized Arab insurance institutes. They also recommended paying more attention to the quality of product and services offered by companies and boosting competitiveness among companies to provide good services to their agents. The participants called for setting laws and systems that could provide insurance through banks and for activating insurance products promotion via Internet in addition to establishing a national data bank to facilitate access to insurance market data and to promoting tendency towards deepening the micro insurance practice. They also stressed the need to support the competitiveness of insurance products through decreasing their cost based on reducing taxes and fees, along with providing tax incentives to all insurance branches. Damascus Insurance Forum was held by the Syrian insurance Federation in cooperation with the General Arab Insurance Federation and the Syrian Insurance Supervisory Commission.