Improving Competitive Performance: Shifting to Sound Underwriting Profitability
We are entering a new and changing business environment as the currently developing Euro zone crisis threatens to have global repercussions. However, there is no doubt that the future of the global Takaful industry remains bright and indeed the leading Takaful operators are now rapidly positioning themselves to capitalise on the new opportunities emerging from high growth 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. With current global Takaful contributions currently less than 1% of the total insurance premium universe, the scope for growth is huge.
This year's theme for the 7th Annual World Takaful Conference (WTC 2012), which will be held on the 16th & 17th of April 2012 in Dusit Thani, Dubai, picks up on these challenges and opportunities and focuses on: Improving Competitive Performance - Shifting to Sound Underwriting Profitability. 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 - factors which Ernst & Young highlighted, in their 2011 World Takaful Report launched at last year's WTC, as driving the size of the industry to USD 12 billion by the end of 2011.
WTC 2012 is now in its 7th successful year as the world's largest annual gathering of Takaful industry leaders. 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 7th Annual Conference promises to be even more influential in charting the future direction of the industry. The World Takaful Conference will again set the stage for more than 350 industry leaders to gather to showcase cutting edge innovations, and also address the key enablers that will boost growth in the international Takaful market.
EXPANDING MARKET SHARE: WHERE WILL THE GROWTH COME FROM?
In particular, emerging high-growth potential business areas such as Life Insurance/Family Takaful and Health Insurance are providing huge opportunities for Takaful operators. Planning how to best capture this growth, industry executives are asking key questions:
- How are the leading Takaful players successfully tackling the challenges of an increasingly competitive market?
- How can Takaful players position themselves to capitalise on new opportunities as markets recover?
- How can Takaful operators improve operational efficiency?
- What practical strategies can effectively translate market potential to real growth?
- What innovative new Takaful solutions are being developed internationally?
- How to best capture growth opportunities in key Takaful market segments and geographies?
- How can Bancassurance provide opportunities for moving our products to market faster and better?
- What is the future development of the Re-Takaful market?
Announcing the Exclusive Launch of the 2012 Ernst & Young World Takaful Report |
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Featuring ground-breaking original research, Ernst & Young's eagerly anticipated 2012 edition of The World Takaful Report will be released at WTC 2012 and will probe how the Islamic insurance industry catalyse the next phase of growth, providing industry leaders with new insights as they seek to |
review their business strategies in a challenging economic climate. The EY World Takaful Report has rapidly established itself as an indispensable resource for insurance industry leaders who are currently reviewing their strategies and seeking to improve competitive performance in the aftermath of the global economic crisis. |
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