Moody's - Takaful premiums to rise as demand grows for medical cover

Growth prospects for Islamic insurance, or takaful, remain healthy in the Gulf Cooperation Council (GCC) countries, Africa and southeast Asia, helped by their large Muslim populations, relatively low insurance penetration and rising demand for medical cover, Moody's Investors Service said in a report today.

"We expect takaful premiums to keep growing moderately in the next two to three years, helped by rising demand for medical insurance as more GCC, African and southeast Asian countries introduce compulsory health cover," said Mohammed Ali Londe, Vice President-Senior Analyst at Moody's. "The recent adoption of risk-based capital regulation in key takaful markets, and takaful insurers' continued embrace of digitalization, are further positive factors."

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