Launch of the 7th Edition of World Islamic Insurance Directory records increase in Takaful growth by 18%
Posted on: Apr 15,2013
The latest comparative figures for Takaful, collated by the World Islamic Insurance Directory (WIID) and released at the World Takaful Conference today (April 15th), show that while worldwide Islamic insurance contributions grew by 25% to US$17.4 billion in 2011, takaful business grew by 18%.
The WIID, published jointly by Takaful Re (TRL) and Middle East Insurance Review (MEIR), showed that Iran, being the largest Islamic Insurance market recorded the highest growth rate of 39% on the back of $7.93 billion in contributions, while Saudi Arabia maintained the largest share of contributions in the GCC region with total contribution of 4.9 billion. The Directory also showed that Iran accounted for almost 45% of the Islamic Insurance total with GCC coming second with a 38% share in 2011.
The total number of Islamic insurance operators worldwide rose to 200 versus 195 for year 2010. The GCC had the largest number of Islamic insurance operators, standing at 77, followed by the Far East (40) and Africa (36). By class, family and medical account for almost 39% of the takaful business while motor came in second with a 37% share. In Southeast Asia, the life and health accounted for a hefty 80% share.
“The Takaful industry has been able to hold on amid economic, political and regulatory challenges. The year 2013 is likely to show further progress with untapped potential across all the regions. I believe focusing on underwriting capabilities, service standards, product offering, customer education and strong market relationships will allow Takaful operators to make inroads into this mostly untapped market” said Mr. Khalid Al Bustani, Chairman of Takaful Re.
The 7th WIID provides a snapshot of operators in the dynamic takaful arena, capturing key corporate information of the Islamic insurance companies, windows, and retakaful operators in nearly 31 countries.
About Takaful Re
Takaful Re (TRL) is a significantly capitalized Islamic reinsurance company committed to actively contribute to the growth and development of the Takaful industry in accordance with Shari’a principles. TRL's BBB ‘Stable’ long-term counterparty credit and insurer financial strength rating was reconfirmed by Standards and Poor’s.
Takaful Re is registered in Dubai International Financial Centre (DIFC) number 0089 and regulated by the Dubai Financial Services Authority (DFSA).