Launch of The Milliman Family Takaful Report
Critical industry study separates family Takaful from general Takaful for wide-ranging global examination of current market conditions and outlooks Milliman is proud to present the first ever Global Family Takaful Report, launched at the International Takaful Summit in London in July 2011. This is the first report of its kind, providing a unique in-depth analysis of family Takaful. The report focuses on the characteristics inherent within the family Takaful market.
Industry reports until now have more often discussed Takaful itself, without going deeply into the variations between general Takaful and family Takaful (Islamic life insurance). The underlying drivers for family Takaful and general Takaful are markedly different and a viewpoint that combines them tends to lead to distorted results. With bottom line profitability for general Takaful facing stiff competition from a relatively soft market, family Takaful may be seen as the more sustainable proposition in this particular environment, with a strong bottom line outlook. Consequently, there is an increasing need for a pertinent reference source to facilitate industry leaders in navigating the evolving family Takaful landscape.
With the Milliman Global Family Takaful Report, industry participants now have an invaluable reference. The report summarizes the quantitative and qualitative analyses of the family Takaful industry by key regions. It tackles the topical issues within the world of family Takaful and discusses the implications of the results of the survey it conducted among key players of the global Takaful market.
The report presents an analysis of industry growth for family Takaful by key regions, including a more detailed look at the financial highlights for Malaysia, where the market is well established and regulated. It sets out a detailed regulatory update for each of the key regions, along with a summary of the key models used and key products marketed in those regions. It includes comparisons with UK mutuals where there are parallels that may be applied to the family Takaful market, including two case studies. The report discusses the most pressing topics currently in family Takaful and concludes with a discussion of the issues and challenges the industry must overcome in order to fulfill its true growth potential.
The Global Family Takaful Report will be updated on a regular basis, covering key dimensions within the industry including market growth, financial highlights, regulatory updates, and pertinent contemporary issues facing the world of family Takaful. This report will contribute positively to the Takaful industry as it strives to promote a robust, well-regulated, transparent global family Takaful offering.
CONTACT: Safder Jaffer, Takaful Practice Leader, Milliman, Dubai,+971-4-328-9828, Safder.jaffer@milliman.com; Richard Holloway, ManagingDirector, Milliman, South East Asia, +65-6-327-2301,Richard.holloway@milliman.com
