The global Takaful industry continued to show double digit growth last year, with the 2012 Ernst & Young World Takaful Report pinpointing an exciting, if slightly slowing, average growth rate of 19% for global contributions. As the industry becomes ever-more competitive, together with the ongoing difficulties 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.
This year’s theme for the 8th Annual World Takaful Conference (WTC 2013) focuses on the very heart of this dilemma faced by leading Takaful and ReTakaful operators across the world and picks up on these challenges and opportunities facing the industry: NEW STRATEGIC IMPERATIVES FOR THE TAKAFUL INDUSTRY: SUSTAINING GROWTH AND BOOSTING PROFITABILITY.
However, 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. Indeed the leading Takaful operators are now rapidly positioning themselves to capitalise on the new growth 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 global Takaful contributions currently less than 1% of the total insurance premium universe, the scope for growth is huge.
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.
WTC 2013 is now in its 8th successful year as the world’s largest gathering of international 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 8th Annual gathering 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 400 industry leaders to gather to showcase cutting edge innovations, and also address the key enablers that will boost growth and profitability in the international Takaful market.
Although there may be a threat of slowing growth across select markets, nevertheless emerging high-growth business areas such as Family Takaful, Health Insurance, and General Insurance are providing huge opportunities for Takaful operators. Planning how to best capture this growth, while at the same time boosting the profitability of their business, industry leaders are now repositioning their Takaful strategies through answering key questions:
- How are the leading Takaful players successfully tackling the challenges of an increasingly competitive market?
- How are leading Takaful players progressing in terms of shifting their business to sound underwriting profitability?
- How can Takaful operators improve operational efficiency to boost profitability?
- 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?
- How is the Re-Takaful market currently being re-defined?