“As the industry becomes ever-more competitive, together with ongoing weaknesses in the global economic environment, more and more operators are concerned at 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,” organisers of the World Takaful Conference, Chief Executive, David McLean, in a pre-event statement, said.
Leading industry players, thought leaders and key regulators in the international Takaful (Islamic insurance) industry will take part in the 8th Annual World Takaful Conference (WTC 2013), which is set to be held on the 15th and 16th of April 2013 at the Dusit Thani, Dubai. The two day event, co-located with the 3rd Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013), will feature high-profile discussions that will focus on ‘sustaining growth and boosting profitability’ in the global Takaful industry.
“With global Takaful contributions currently less than 1% of the total insurance premium universe 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,” he said.
“The leading Takaful operators are now rapidly positioning themselves to capitalise on the new growth opportunities emerging from high-potential segments such as Family Takaful, manage the challenges of an increasingly competitive global Takaful market, drive operational efficiencies in their business, and successfully shift to sound underwriting profitability,” he added.
The 8th Annual World Takaful Conference (WTC 2013) will be opened on the 15th of April by a special inaugural address by Jeff Singer, Chief Executive Officer of the Dubai International Financial Center Authority (DIFCA).
The inaugural session will be immediately followed by a keynote plenary session featuring Zainudin Ishak, Executive Director and Chief Executive Officer of HSBC Amanah Takaful (Malaysia) Sdn Bhd and Chairman of the Malaysian Takaful Association; Chris Wei, Group Chief Executive Officer of Great Eastern Holdings Limited; Hussein Al Meeza, Managing Director and Chief Executive Officer of Dubai Islamic Insurance and Reinsurance Company (AMAN); and Parvaiz Siddiq, Chief Executive Officer of Noor Takaful. The session, which focuses on increasing profitability and driving operational efficiencies, will address the challenges of slowing growth and will analyze how the threats to sustainable growth of the Takaful industry can be successfully tackled.
“Across the board, leading players in the Takaful and re-Takaful industry are seeking innovative solutions to overcome the current challenges facing the global Takaful industry. Many industry leaders are re-visiting strategies on all fronts, from product innovation to operational efficiency to new market opportunities. Despite the overall positive outlook for the global Takaful industry, recent reports indicate that the growth rate is slowing slightly in some key markets, placing increasing pressures on operators to boost technical profitability and operational efficiency,” Parvaiz Siddiq, Chief Executive Officer of Noor Takaful, said.
“Increasing competition from new players (Takaful and conventional) entering the Takaful market space, is adding further challenges to achieve the desired levels of industry profitability. It is essential that the leading industry players urgently address the challenges of slowing Takaful industry growth rates and competitive pressures, and identify innovative solutions to drive profitability and operational efficiencies,” he said.
“Noor Takaful has been a strong supporter of the annual World Takaful Conference for over 5 years now and we are extremely delighted to be once again supporting this important industry event which plays a key role in shaping the future of the global Takaful industry,” he added.
A key highlight of the 8th Annual World Takaful Conference (WTC 2013) will be the exclusive industry leaders’ power debate featuring an exceptional cross-section of international thought leaders in the global Shari’ah-compliant insurance industry. The session chaired by Irshied Tayeb, Regional Head of Insurance Services – Middle East & North Africa, Bin Shabib & Associates and featuring Zainudin Ishak, Executive Director & Chief Executive Officer of HSBC Amanah Takaful (Malaysia) Sdn Bhd and Chairman of the Malaysian Takaful Association; Shahril Azuar Jimin, Senior Executive Vice President / Chief Commercial Officer of Maybank Ageas Holdings Berhad; Azim Mithani, Chief Executive Officer of Prudential BSN Takaful Berhad; and Ashar Nazim, Partner and Head of Global Islamic Banking Center, Ernst and Young, will discuss practical solutions to overcoming the key obstacles to the further development of the global Takaful industry.
“Takaful has been and remains one of the fastest growing segments in the global insurance industry, and we forecast that the industry will continue growing as more government initiatives are implemented and as the demand for Shari’a-compliant financial products and services increases. The 5th edition of Ernst & Young’s World Takaful Report 2012 highlighted that global Takaful contributions grew by 19% to $8.3 billion in 2010. However, despite the positive outlook for Takaful and the considerable expansion of the business, the industry remains concentrated in only a limited number of markets. The key requirements for the continued growth of Takaful include the development of customer-centric products, smarter use of alternative distribution channels and improvements in operating efficiencies to improve sustainable profitability. Tackling these issues will not only accelerate growth in the existing markets, but also further support the emergence of Takaful in new markets,” Ashar Nazim, Partner and Head of Global Islamic Banking Center, Ernst and Young, said.
“We are pleased to be sponsoring the 8th Annual World Takaful Conference, a platform that will highlight the opportunities and challenges in the global Takaful industry”, he added.
WTC 2013 will also feature the exclusive on-site launch of the Global Family Takaful Report 2013. The Report, developed by Milliman, is based on original research into the performance of Family Takaful offerings, the future direction of the market and new opportunities for the growth of Family Takaful across key international jurisdictions.
The 2013 edition of the World Islamic Insurance Directory (WIID) developed by Takaful Re and Middle East Insurance Review will also be launched at the event.