Session II - Keynote: 23 February 2016
Presentation: Lloyd's Prospective on Takaful
Presented By: Inga Beale
Designation: CEO, Lloyd's
Lloyd’s is looking to develop and grow Shariah-compliant products to help address the insurance penetration gap, said CEO Inga Beale. She observed that the significant level of underinsurance across the takaful markets is the key issue, standing at around 2% compared to 6% global average, and that is a worrying trend even in some of the traditional markets. She said there is an enormous potential for Lloyd’s to support development in the Takaful market by helping businesses and local insurers adapt to the changing disk landscape.
Ms Beale pointed out that Lloyd’s model is well-suited to takaful and retakaful syndicates especially in the need for funds segregation, adding that Lloyd’s is mindful of Shariah requirements and is willing to accommodate.
Despite the challenging conditions, Lloyd’s remains very financially strong and London continues to offer a favourable environment for all kinds of businesses, including in Islamic finance. "There are always challenges but Lloyd's is always willing to innovate."