Saturday 16 October 2021

UAE insurer sees premiums quadrupling in 2011

Dubai, May 9, 2011

Islamic insurer Takaful Emarat expects gross written premiums to surge to Dh65 million ($17.7 million) in 2011 from Dh14 million last year as the company eyes new product launches, its general manager said.

Emarat Takaful, which launched three savings products for education, general savings and wealth management, expects new products to contribute between Dh5 million and Dh10 million to premiums this year, Ghassan Marrouche told a news conference.

Marrouche said the new savings products, combined with the expectation that medical insurance will become compulsory in the United Arab Emirates would help boost written premiums.

'Medical insurance is becoming compulsory so we will see a rise in demand,' he said. 'We have many  more products in the pipeline.'

Demand is already increasing for Islamic insurance, or takaful, products in markets such as India, Pakistan, Jordan and Syria, Marrouche said.

To meet growing demand, Takaful Emarat will consider expanding services around the Middle East and Asia in the future, he added-Reuters

Tags: Takaful Emarat | Islamic insurer | written premium |

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