Foreign interest in small growth Islamic insurance market
Indonesia’s regulator Bapepam says premium growth in Indonesia's Islamic insurance, or takaful, market could drop to 30% this year from 50% - 60% in recent years, Reuters reports.
"Historically, premium growth in takaful was quite impressive," said Isa Rachmatarwata, head of the insurance department at the capital markets regulator Bapepam. Premium growth this year will be "around 30%. That is our moderate target," he said.
Takaful firms have recorded up to 1.82 trillion rupiah ($194.1m) in premiums as of September last year, representing a mere 2.83% of the total premiums for the insurance industry but up from just 2% in 2008, according to data from Bapepam.
Foreign interest
Despite the small market share, Islamic insurance has attracted several foreign companies, including Britain's Prudential, Germany’s Allianz, Toronto-based Manulife Financial Corporation, and French insurer AXA.
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