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Islamic insurance turnover up by 20%

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Magazine Issue: 
The digital technology, a new battle field [3]
Magazine date: 
Oct 2016

The turnover achieved by takaful insurers in the Gulf Cooperation Council (GCC) has reported an increase of 20% between 2014 and 2015. Despite this positive figure, S&P Global Ratings has considered that the profits reaped by Islamic insurers in the region remain relatively below the average. They are also distributed in an inequitable fashion among the different players.

In a market characterized by a multitude of players, accrued claims and a focus on turnover, all of which eroding their capital and their credit rating. In 2015, GCC’s takaful insurers produced a premium volume of 10 billion USD compared to 9 billion USD for conventional insurers. More than 85% of Islamic insurers in the region are concentrated in Saudi Arabia.

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Tue, 01/11/2016 - 09:32

Source URL: https://www.atlas-mag.net/en/article/islamic-insurance-turnover-up-by-20

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[3] https://www.atlas-mag.net/en/issue/the-digital-technology-a-new-battle-field
[4] http://www.atlas-mag.net/en/article/gig-life-takaful-seals-a-new-deal-in-bancassurance
[5] http://www.atlas-mag.net/en/article/sama-suspends-weqaya-takafuls-activities
[6] http://www.atlas-mag.net/en/article/excellent-performance-of-takaful-insurance