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Sunday, 6 August 2017

Slowdown in GCC takaful sector expected to linger | GulfNews.com

Slowdown in GCC takaful sector expected to linger | GulfNews.com:

"Following significant premium growth in the GCC’s Islamic insurance (takaful) sector in 2014 and 2015, the industry has battled a slowdown that started last year and which is expected to linger, according to ratings agency Standard & Poor’s. The sector reported high premium growth rates in the GCC, mainly driven by the introduction of new mandatory insurance covers, as well as strong increases in premium rates in Saudi Arabia, as new covers and actuarial pricing guidelines were adopted. After reporting of annual growth in gross premiums of up to 20 per cent in the GCC takaful sector, growth slowed significantly to less than 1 per cent in 2016. This was largely due to a slowdown in Saudi Arabia, which has the largest Islamic insurance market in the GCC."



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