UAE – 17% Takaful share of written premiums
Monday, 04 18 2016, Category: Insurance and Reinsurance, Country: U.A.E
The share of Takaful insurance premiums reached 17% of total written premium in the country by year-end 2015 according to Dubai Islamic Insurance & Reinsurance Company (AMAN) which expected this percentage to increase to 35% within the next five years.
Mr. Jihad Faitrouni General Manager of the company told “Al Ittihad” newspaper that “the UAE enjoys a good position in the field of Takaful insurance compared regional and other countries. The UAE has a leading position in this field”.
He confirmed that the Takaful insurance sector in the country faces huge technical and investment challenges. At the technical level there is a large number of competitors where there are approximately 10 companies. This exceeds the need and the business that the market can offer and leads to strong competition in order to achieve market shares.