Qatar – High penetration of Islamic insurance
Monday, 04 18 2016, Category: Insurance and Reinsurance, Country: Qatar
The Islamic insurance penetration in Qatar far exceeded that in the Middle East, where lack of differentiation and associated pricing pressure, along with poor distribution networks, emerge key challenges for the takaful companies, though the region made the early moves to establish Islamic insurance than Malaysia, according to A M Best, a global insurance rating agency.
The overall penetration figures for the Middle East mask underlying differences between various countries in the region with Bahrain and Qatar both enjoying good takaful penetration rates of 22% and 13%, respectively compared to the Middle Eastern average of 8% in 2014, A M Best said in a report ‘Takaful Life and Nonlife Issue Review’.
Source: Gulf Times