10th Anniversary Special Edition of the World Takaful Conference

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REVITALIZING THE INDUSTRY:
A NEW WAY FORWARD FOR TAKAFUL


Addressing the Challenge of Differentiation and Creating a Stronger Value Proposition for Takaful


According to recent reports, In the GCC, the United Arab Emirates (UAE) has the best depth and breadth of products, and offers the most diversified suite of family and general takaful products. The report noted that since 2008 the GCC region recorded a stable insurance and takaful industry growth with buoyant performance in some countries like the UAE (CAGR of 11.75% and 18.5% for the insurance and takaful sectors respectively) with the takaful industry witnessing a faster growth rate in the period 2008-2012. This is majorly attributed to the implementation of new regulations with compulsory health and motor insurance schemes. The global takaful insurance market has exhibited impressive double digit growth with gross takaful contributions reaching US$18.3 billion in the first half of 2013. A major challenge facing the Takaful industry going forward will be to boost top line growth levels while also focusing on technical profitability. The evolving regulatory landscape, pricing dynamics and technical profitability will be key factors that will shape the direction of the industry at this important juncture in 2015 and beyond.


A critical factor that will determine success in taking the industry to the next level of development will be the readiness of industry players to formulate and execute successful strategies in response to new market conditions and rapidly adapt to capture new emerging opportunities that will reignite growth levels. As the industry becomes increasingly competitive, leading operators are now working on how they can overcome the challenge of maintaining the exciting growth rate of the past few years while also becoming increasingly focused on the imperative of boosting profitability from their core business. A key challenge for leading Takaful players will be to create a stronger value proposition and better differentiate Takaful products.

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10th Anniversary Special Edition of the World Takaful Conference
(WTC 2015)


The theme for this year’s 10th Anniversary Celebration of the World Takaful Conference (WTC 2015) – “Revitalizing the Industry: A New Way Forward for Takaful” focuses on the very heart of this dilemma faced by leading Takaful and ReTakaful operators across the world and picks up on these challenges and opportunities facing the industry.


However, there is no doubt that the future of the global Takaful industry remains bright and recent research further highlights that Takaful contributions will continue to grow faster than the rate of premium growth in the global conventional insurance industry. Indeed the leading Takaful operators are now rapidly positioning themselves to capitalise on the new growth opportunities emerging from high growth segments such as Family Takaful in SE Asia, manage the challenges of an increasingly competitive global Takaful market, squeeze further operational efficiencies in their business, and successfully shift to sound underwriting profitability. With global Takaful contributions currently less than 1% of the total insurance premium universe, the scope for growth is huge.


These key elements will determine which Takaful players will be best placed to take advantage of strongly increasing product demand based on consumer demographics, rising income levels and an increasing appetite for Shari’ah-compliant products.


WTC 2015 is now in its 10th successful year as the world’s largest gathering of international Takaful industry leaders and the place where all stakeholders from across the international industry come together to map the future direction of the Islamic insurance industry. With huge untapped growth potential in the Islamic insurance industry and the increasing interest of the leading conventional insurance players and major banks in the sector, the 10th Anniversary gathering promises to be even more pivotal in charting the future direction of the industry. The World Takaful Conference will again set the stage for more than 400 industry leaders to gather to showcase cutting edge innovations, and also address the key enablers that will boost growth and profitability in the international Takaful market.

New Strategic Imperatives for Takaful Operators


Although there may be a threat of slowing growth across select markets, nevertheless emerging high-growth business areas such as Family Takaful, Health Insurance, and General Insurance are providing huge opportunities for Takaful operators. Planning how to best capture this growth, while at the same time boosting the profitability of their business, industry leaders are now repositioning their Takaful strategies through answering key questions: