Noor Takaful posts 5% increase in premium value

Noor Takaful has reported a double-digit percentage profit growth for 2018, with a five per cent increase in premium value over last year.
The company, which recently its 10th year anniversary, also reported that its Takaful products aggregated close to Dh550 million in business this year.
"The Takaful industry has grown over the last 10 years in the UAE with greater awareness among residents about Sharia'a compliant insurance that follows the highest ethical standards. This provides our customers with great value and peace of mind. Our pricing within the sector has improved and hence the margin to grow too has improved. With new regulations and greater enforcement by authorities in the country, the sector will see greater consolidation and scrutiny which will benefit end-users," said Rajesh Sethi, CEO of Noor Takaful.
Speakers and analysts at the World Takaful Conference held earlier in Dubai this year said that UAE and Saudi Arabia are at the centre of the Takaful sector growth with an estimated $11.5 billion. The region's Takaful market has grown at a compounded annual growth rate of 18 per cent from 2012 and accounts for nearly 44 per cent of the GCC insurance sector. Preference towards Sharia-compliant financial solutions and an expanding non-life market are the factors aiding growth.
"Noor Takaful has committed itself to being at the forefront of the Takaful sector in the Middle East. As we celebrate our 10th year anniversary we look forward to 2019 as a year of continued growth, especially for our General and Medical business which we believe will have a double-digit growth," explained Sethi. "This year we introduced a new pension programme which will benefit a lot of residents in the UAE even as the government has relaxed visa rules for people retiring in the country which enables them to stay on and enjoy the benefits of living in the country."
Speaking on prices, Sethi highlighted that the Dubai Health Authority has requested for cancer treatment to be included in the medical insurance cover. "Various cover demands, latest regulations and new treatments being offered will always see an inflation in prices by six per cent to eight per cent. Having said that, not all medical insurance products will see such a surge in prices."
- business@khaleejtimes.com