Home » wire - Takaful Insurance Markets Continue to Grow Despite Operational Differences

12/08/2011 02:24:57 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

 [NewsInsurances] Despite ongoing, rapid growth in the Sharia-compliant insurance markets, Standard & Poor’s Ratings Services (S&P’s )recognizes that operational issues remain commonplace in the sector. This generated some heated discussion at the International Takaful Summit, held in London on July 12/13, 2011. S&P’s views such discussions within the takaful and retakaful community as understandable given that it is still a relatively new business sector. Nevertheless, they expect it will continue to grow rapidly, relative to the conventional insurance market, and become increasingly meaningful in overall scale in its target domiciles. From a credit rating perspective, S&P’s expects a takaful company to have at least good risk-based capital adequacy, which encompasses prudent technical reserving, so the issues highlighted above are very much internal management issues for each company, rather than real external rating constraints. However, they are an indication of the still-evolving operational framework for the sector that creates ongoing uncertainty. omar1.1

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