Ernst & Young Report: In recent years, the Islamic insurance industry (takaful) experienced continued strong double-digit growth. Our Global Takaful Insights report captures key Islamic insurance industry and regulatory developments across established and emerging markets. We also discuss the major needs the industry has as it moves toward the next phase of its growth. The two biggest markets - Saudi Arabia and Malaysia - have considerably higher populations and gross written contributions (GWC) per operator, with profitability increasing through a combination of scale, risk diversification and improvements in claims and expense ratios. For Malaysia, a relatively developed Islamic finance industry including the development of the Sukuk market, has supported the growth of its takaful sector. Improved customer understanding and pricing could significantly enhance shareholder value for these operators in the future. But this is where much of the good news concludes. Most other markets and smaller operators appear to be struggling.
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