A.M. BestTV: Takaful Insurers Struggle to Differentiate Themselves, Says A.M. Best Associate Director - InsuranceNewsNet

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July 5, 2018 newswires No comments Views: 1

A.M. BestTV: Takaful Insurers Struggle to Differentiate Themselves, Says A.M. Best Associate Director

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this A.M.BestTV episode, Salman Siddiqui, associate director of analytics, A.M. Best, said insurers that offer products that comply with Islamic religious law have had limited market success compared with more established general insurance competitors. Click on http://www.ambest.com/v.asp?v=uktakaful618 to view the entire program.

“Despite the massive potential out there, takaful companies have struggled to establish a foothold or a footprint in their respective insurance markets,” said Siddiqui. “A.M. Best believes one of the biggest factors for this struggle is the relative youth of these companies. Most takaful companies have sprung up in the last 10-15 years, and are competing directly with conventional insurance companies that were established 40-50 years ago. Additionally, they struggle in terms of getting their brand recognized, and they have not been able to differentiate themselves adequately from conventional insurance companies.”

Going forward, Siddiqui said he expects more mergers and acquisitions (M&A) to occur in the takaful market.

“One reason for these M&As is that conventional insurance companies or groups are acquiring takaful companies as an additional distribution platform and/or network,” said Siddiqui. “Takaful companies, which are struggling for size and scale, also are acquiring other companies to increase their business profile.”

To access a copy of this special report, titled, “Takaful in the MENA Region: Finding the Right Ingredients for Success”, visit http://www3.ambest.com/bestweek/purchase.asp?record_code=273547.

Recent episodes of A.M.BestTV include:

  • Scale, Data and Specialization Are Driving Insurance Mergers & Acquisitions, Says A.M. Best Senior Director: Catherine Thomas, senior director of analytics, A.M. Best, reviews the strategies buyers are following in selecting insurance acquisition targets and some of the post-acquisition issues that can undermine deals: http://www.ambest.com/v.asp?v=europeanmanda718.
  • Russian Insurers Face Operating and Regulatory Challenges, Says A.M. Best Analyst: Valeria Ermakova, senior financial analyst, A.M. Best, said declines in motor and some commercial lines, combined with profitability challenges, have narrowed the field of non-life insurers in Russia: http://www.ambest.com/v.asp?v=russianib618.
  • Digital Technology Taking Hold in German Non-Life Market, Says A.M. Best Analyst: Konstantin Langowski, financial analyst, A.M. Best, reviews the factors underlying the stable outlook for the German non-life insurance market, including how digital technology is remaking competition in that sector: http://www.ambest.com/v.asp?v=german618.
  • Kazakhstan Insurance Market Evolving, Faces Constraints, Say A.M. Best Analysts: Valeria Ermakova, senior financial analyst, and Yevgine Asatryan, financial analyst, both at A.M. Best, examine the factors driving growth among insurers in Kazakhstan, along with their varying abilities to respond to regulatory changes: http://www.ambest.com/v.asp?v=kazakhstan618.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180705005541/en/

A.M. Best

Lee McDonald, +1-908-439-2200, ext. 5561

Group Vice President, Publication and News Services

[email protected]

Source: A.M. Best

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