Takaful and Mutual Insurance
|
|
- Frank Horton
- 5 years ago
- Views:
Transcription
1 Takaful and Mutual Insurance Business Challenges in Mutual Insurance and Takaful Serap Gonulal November 13, 2012
2 The four pillars of Takaful Takaful Regulatory and legal framework Transparency and consumer protection Uniform accounting standards Consensus of Shariah principles 2
3 Aligning stakeholder interests Operator Participants maximize profits contributions risk sharing Which sharia contract aligns Participants and interests the best and yet maximizes the concept of risk sharing rather than risk transfer? For long term sustainability it is important that the reward structure benefits both Operator and Participants fairly. 3
4 Component of benefit payouts Lower premium needed as higher investment component Higher premium required as there is lower contribution from investment Premium Income Investment Income Premium Income Premium Income Investment Income Size of benefit payouts and required premium/contributions rate depends on level and certainty of investment. Crucial that the Sharia compliant asset classes be expanded and deepened. 4
5 Importance of reserving and solvency margin Premiums/Contributions Solvency Margin Reserving Benefit payout Adequate reserving and solvency margin ensures benefits promised are paid out. 5
6 The people makes the industry Although there are shared competencies among those in conventional insurance and takaful, there are also differences. Given that the latter is currently sourced from the former there is a need for training. Job function How different is modern takaful (hybrid) from conventional insurance Chief Executive Officer Sales team Actuary Accounting different same 6
7 Should there be one takaful model for all? There is a need for a universally acceptable Sharia compliant model so as to minimize cost of implementation (systems, etc). A universally acceptable model, other than being Sharia-compliant, should be able to align the various stakeholders interests or at the very least, allow for easy supervision by the Regulators. As a cooperative/mutual set up - As shareholders (owners of surplus in the Mutual fund) are also policyholders, management works for the same stakeholders for a wage. No controversial Sharia contract issues. As a hybrid with a stock management company - Model needs to be able to balance shareholders and participants interests. The following tables summarizes the issues with the two predominant model, wakala and mudharaba. 7
8 Should there be one takaful model for all? - Consider sharing of Investment Performance Investment performance of takaful risk pool is better than expected Investment performance of takaful risk pool is poor Takaful risk pool makes an investment loss Contract Type Model Wakala Mudharaba is higher is lower Operator gets no 8
9 Should there be one takaful model for all? - Underwriting Performance The risk pool makes an underwriting profit The risk pool makes an underwriting loss Contract Type Model Wakala Mudharaba The above table assumes the Operator gets no share of any underwriting surplus. 9
10 Should there be one takaful model for all? - Business volume Increase in contribution Reduction in contribution Contract Type Model Wakala Higher Lower Mudharaba No immediate impact No immediate impact Generating higher business volume lower s per unit business cost and increases expense surplus. 10
11 Common challenges for Takaful, Mutuals and Insurance Challenging investment environment, low investment return globally means operating margins are under pressure. Soft market as a result of a world awash with cheap funds seeking opportunities in new markets, like insurance. As a result risk is underpriced. Global warming can result in more frequent occurrences of catastrophic events like Hurricane Sandy. Imminent introduction of Solvency II will increase the sophistication of regulatory reporting not just in Europe, but globally. Are the rest of the world equipped to adopt Solvency II type supervision? For non-stock companies, how will the regulatory need for more capital be met? 11
12 Conclusion From the operational perspective the Insurance industry globally is facing greater challenges. From the consumer side the demand for greater transparency and accountability from insurers and their agents opens an opportunity for nonstock insurance operation. These alternatives offer risk sharing rather than risk transfer which should result in fairer pricing. These institutions should project greater transparency and offer simpler products. For takaful, the opportunity to penetrate new currently untapped market is huge. The key to success is a holistic approach to market accompanied with the right regulatory support. 12
Risk Management and Governance in Takaful
building value together 30 th May 2016 Risk Management and Governance in Takaful Zainal Abidin Mohd. Kassim, FIA WB-IFSB-Turkish Treasury Conference, 30 & 31 May 2016 Istanbul www.actuarialpartners.com
More informationPresentation to Bancassurance Conference Takaful Products
Presentation to Bancassurance Conference Takaful Products Johan Potgieter 13 May 2013 Aon Hewitt (Actuarial) / QED Actuaries & Consultants (Pty) Ltd 0 Contents Overview Islamic Law Principles Models of
More informationCooperatives. Perfect alignment of shareholders and consumers interest as they are one and the same entity. Theoretically this should result in;
www.mercer.com Cooperatives Autonomous association of persons united voluntarily to meet their common economic, social & cultural needs and aspirations through a jointly owned democratically controlled
More informationbuilding value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome
building value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome www.actuarialpartners.com Takaful in Africa 2 Extent of religion in insurance Religious buildings and property can
More informationGIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010
GIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010 Risk Management and Disclosure in Takaful Practices Dawood Y Taylor Senior Regional Executive-Takaful, Middle East Prudential Corporation
More informationGovernance Challenge in Takaful -Is there a solution to the Principal (participant) - Agent (Operator) Conundrum
building value together 13 November 2012 Governance Challenge in Takaful -Is there a solution to the Principal (participant) - Agent (Operator) Conundrum Zainal Abidin Mohd Kassim, FIA Istanbul 2012 www.actuarialpartners.com
More informationConceptual. Objectives of Parties. Unique Challenges
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Debo Ajayi, FSA, FCIA, MAAA Managing Director & Actuary Milliman LLC UAE February 20 22, 2011 Conceptual Objectives of Parties Models
More informationISLAMIC INSURANCE: TAKAFUL
ISLAMIC INSURANCE: TAKAFUL A majority of Shari'a scholars find conventional insurance inadmissible in the Islamic framework. They have several objections against conventional insurance because it practiced
More informationThe Role for Takaful Companies
building value together 22 June 2012 The Role for Takaful Companies Hassan Scott Odierno, FSA Kuala Lumpur www.actuarialpartners.com Takaful is more than just Muslim insurance Takaful is a hybrid with
More informationReviving the Cooperative Spirit through Takaful. Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014
Reviving the Cooperative Spirit through Takaful Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014 1 The cooperative spirit is members helping each other to succeed Discretionary and
More informationRBC for Takaful Differences from Conventional, Impact and Opportunities. Charlene Lee Senior Actuary Munich Re Retakaful
RBC for Takaful Differences from Conventional, Impact and Opportunities Charlene Lee Senior Actuary Munich Re Retakaful Agenda Typical Takaful Models in Malaysia Solvency Requirements in Malaysia Evolution
More informationTakaful and Retakaful Challenges and Opportunities for Actuaries
Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk
More informationFAMILY TAKAFUL. (Shariah compliant life insurance) Assessment of Business Risk Financial Risk. Presenter: Amara Gondal
FAMILY TAKAFUL (Shariah compliant life insurance) Assessment of Business Risk Financial Risk Presenter: Amara Gondal Contents: SCOPE IFS Rating Takaful Structure Why need a modified rating approach Key
More informationTakaful - Reviving the Mutual model
building value together 2 June 2011 Takaful - Reviving the Mutual model Zainal Abidin Mohd Kassim, FIA Global Insurance Conference 2011 www.actuarialpartners.com Proprietary based Insurance Consumers are
More informationTakaful : defining ethical insurance. Zainal Abidin Mohd. Kassim Partner Mercer
Takaful : defining ethical insurance Zainal Abidin Mohd. Kassim Partner Mercer Presentation contents Takaful a primer Shariah Laws governing trade and business Takaful in practice Shariah compliant investments
More informationAL MADINA INSURANCE COMPANY SAOG
1 AL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH Note Shareholders fund Participants fund General takaful Family takaful Total participants
More informationThe Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA
The Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA 23rd Pacific Insurance Conference Kuala Lumpur October 2007 Introduction The
More informationAL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Participants fund. Total participants
AL MADINA INSURANCE COMPANY SAOG 2 UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Note Shareholders General takaful Participants fund Family takaful Total participants fund Grand
More informationThe asset side of Takaful and implications on product design
building value together 13 November 2012 The asset side of Takaful and implications on product design Hassan Scott Odierno, FSA Istanbul www.actuarialpartners.com Conventional bonds Bonds are the backbone
More informationIslamic Finance: Coming of Age. 10/29/13 GAB Annual Islamic Finance Conference
Islamic Finance: Coming of Age 1 Islamic Finance Sector in Kenya 1. A Sector View 2. A Company View 2 Sector View 3 Company View 4 The Takaful Concept What is it? How does it work? How is it different
More informationTakaful Accounting. By Omer Morshed September 3, 2003 DISCLAIMER:
By Omer Morshed September 3, 2003 DISCLAIMER: This document is provided for informational purposes only, and the information herein is subject to change without notice. Please report any errors herein
More informationIn the Name of God. Takaful and Microtakaful: Islamic Instruments for protecting poor And Vulnerable Groups. Sadegh Bakhtiari
In the Name of God Takaful and Microtakaful: Islamic Instruments for protecting poor And Vulnerable Groups Sadegh Bakhtiari Professor of Economics, Islamic Azad University, Khorasgan, Isfahan, Iran The
More informationCorporate Profile
www.methaq.ae Corporate Profile Content Brand 5 Vision 6 Values 7 Mission 9 Corporate Governance 10 Organization 11 Takaful 13 Takaful Benefits 15 Takaful Services 17 Takaful Solutions (For Corporations
More informationIslamic Financial Services Board (IFSB)
Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About
More informationRBC and Economic Capital: The Malaysian Experience
building value together 19 th September 2012 RBC and Economic Capital: The Malaysian Experience Farzana Ismail, FIA Principal www.actuarialpartners.com Agenda Introduction to economic capital RBC: The
More informationIslamic Finance Rules (IFR)
Islamic Finance Rules (IFR) IFR VER02.150617 TABLE OF CONTENTS The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 2. ISLAMIC FINANCE... 2
More informationTAKAFUL AT A CROSSROADS
TAKAFUL AT A CROSSROADS The recent growth of the takaful model is impressive, says Zainal Abidin Mohd Kassim but this is in danger of being restricted by a general lack of understanding of the product
More informationIslamic finance in Bermuda Bermuda: Islamic finance hub in the western hemisphere
www.pwc.com/bermuda Islamic finance in Bermuda Bermuda: Islamic finance hub in the western hemisphere Contents Page 1. Bermuda: Islamic finance hub in the western hemisphere 2 2. Why Bermuda 3 3. Retakaful
More informationIFN Oman Forum, Mar 7 th 2017
Fundamental & Essence of Takaful Tabrez Farooquee Head of Bancatakaful & Marketing Takaful Oman Insurance SAOG 92876789 IFN Oman Forum, Mar 7 th 2017 Agenda Introduction & Evolution of Takaful Takaful
More informationJCR-VIS Credit Rating Company Limited. Affiliate of Japan Credit Rating Agency, Ltd.
Rating Agencies Methodologies for Takaful and Re-Takaful Firms By Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Honorable speakers, distinguished ladies
More informationNon-Traditional Insurance & Reinsurance
Non-Traditional Insurance & Reinsurance The Caribbean Actuarial Association 2007 Annual Meeting 6-7 December 2007 Nassau, The Bahamas Stéphane Lévesque, FCIA, FSA Member of the Caribbean Actuarial Association
More informationRisk-based capital and governance in Asia-Pacific: emerging regulations
Risk-based capital and governance in Asia-Pacific: emerging regulations 1 Changing regulations in a changing market Across the Asia-Pacific region, countries are reviewing their approach to regulation
More informationISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS. Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain
ISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain 1 OBJECTIVES OF THE PRESENTATION To explain the differences in the treatment
More informationTakaful Evolution of Unconventional Insurance
Takaful Evolution of Unconventional Insurance Takaful Life Working Party Presenter: Aiza Yasmin Benyamin Farzana Ismail 4 March 2016 Introduction Subject material inherently very large Research remit is
More information6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi
6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi Takaful An Alternate Insurance Model By Abdul Rahim Abdul Wahab, FSA abdul.rahim@pk.ey.com (Subject Code 05 - Subject Group: General
More informationIFRS 4 Phase I and II:
building value together 19 th September 2012 IFRS 4 Phase I and II: The issues for takaful, implications for the Mudharabah and Wakala Model Zainal Abidin Mohd Kassim, FIA Senior Partner www.actuarialpartners.com
More information13th Global Conference of Actuaries 2011
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Azim Mithani Chief Executive Officer Prudential BSN Takaful Berhad Malaysia February 20 22, 2011 1 Market Opportunity 2 Understanding
More informationAn Actuary s view of specific takaful/retakaful risks
March 2014 An Actuary s view of specific takaful/retakaful risks By: Zainal Abidin Mohd Kassim, FIA Introduction Modern takaful is a hybrid, being neither wholly a mutual/cooperative nor exclusively owned/controlled
More informationALM as a tool for Malaysian business
Actuarial Partners Consulting Sdn Bhd Suite 17-02 Kenanga International Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia +603 2161 0433 Fax +603 2161 3595 www.actuarialpartners.com ALM as a tool for Malaysian
More informationThe Non- Financial Factors Influencing The Performance of. Islamic Insurance In Kenya: A Case Study of Takaful Insurance.
The Non- Financial Factors Influencing The Performance of Islamic Insurance In Kenya: A Case Study of Takaful Insurance of Africa NABIL SULEIMAN AHMED Department of Business Administration, Jomo Kenyatta
More informationTakaful: Concepts and Practical Issues
Takaful: Concepts and Practical Issues Singapore Actuarial Society Inaugural General Insurance Conference 06-07 May 2009, Singapore Hussain Ahmad, FCAS Consulting Actuary Towers Perrin Agenda What is takaful
More informationWarsaw Stock Exchange Strategy
Warsaw Stock Exchange Strategy 2014-2020 [ Summary ] Warsaw 16.01.2014 The following document has been prepared by WSE ( GPW ) and constitutes its intellectual property. Any coping or publishing thereof
More informationA (personal) view. Philip Whittingham, European Chief Enterprise Risk Officer. 22 March 2010
The role of the risk profession in a Solvency II world A (personal) view Philip Whittingham, European Chief Enterprise Risk Officer XL Group plc 22 March 2010 Session Aims Successful Solvency II implementation
More informationTakaful articles. Introduction. Susan Dingwall Partner, Norton Rose, Ffion Griffiths Associate, Norton Rose, United KIngdom.
Takaful articles Susan Dingwall Partner, Norton Rose, United Kingdom Ffion Griffiths Associate, Norton Rose, United KIngdom Number 7: November 2006 The United Kingdom: Regulatory approach to Takaful Introduction
More informationZaki Hamdan Abu El basher Deputy Managing Director Shiekan Insurance & Reins. Co.
The Sudanese Experience In Takaful The Model, Practice & Development Zaki Hamdan Abu El basher Deputy Managing Director Shiekan Insurance & Reins. Co. Khartoum - Sudan Introduction Sudan started Islamic
More informationBERMUDA MONETARY AUTHORITY THE INSURANCE CODE OF CONDUCT FEBRUARY 2010
Table of Contents 0. Introduction..2 1. Preliminary...3 2. Proportionality principle...3 3. Corporate governance...4 4. Risk management..9 5. Governance mechanism..17 6. Outsourcing...21 7. Market discipline
More informationGOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS. (Made under section 167) PART I PRELIMINARY
GOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS (Made under section 167) THE INSURANCE (TAKAFUL) REGULATIONS, 2014 PART I PRELIMINARY Citation 1. These Regulations may be cited
More informationFIO recommendations on modernizing insurance regulation in the US
Insurance regulatory update FIO recommendations on modernizing insurance regulation in the US Time for the industry to act The Federal Insurance Office (FIO) has submitted to Congress its long-awaited
More informationU.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection
U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection Hearing on Finding the Right Capital Regulation for Insurers Submitted Testimony
More informationDiversification of Islamic Financial Instruments in Turkey
Republic of Turkey Undersecretariat of Treasury Diversification of Islamic Financial Instruments in Turkey Utku ŞEN Treasury Expert 9 th MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP October
More informationThe future of life insurance, Solvency II and investment strategies
KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA The future of life insurance, Solvency II and investment strategies 11 th Handelsblatt Annual Conference Solvency II Munich, 15 July 2014 Page 2 of 9
More informationPractical Uses of Local Reporting in Taiwan. Kitty Ching 金肖雲 VP, Actuarial Risk Management
Practical Uses of Local Reporting in Taiwan Kitty Ching 金肖雲 VP, Actuarial Risk Management Joint Regional Seminar, 15 July 2009 Agenda Local Reporting in Taiwan Financial Reports & Risk Management Impact
More informationTRUST. TRANSPARENCY. INDEPENDENCE. Takaful Rating Methodology
TRUST. TRANSPARENCY. INDEPENDENCE Takaful Rating Methodology TAKAFUL RATING METHODOLOGY Preamble Shari a (Islamic Laws) may be termed as a rule of law, which fundamentally covers all practical and spiritual
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful April 2017 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More informationTakaful and Poverty Alleviation. 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012
Takaful and Poverty Alleviation 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012 Overview of presentation Why is conventional insurance not allowed? Takaful principles
More informationESSENTIAL CRITERIA TO CONSIDER IN LONG-TERM CARE REFORM
ESSENTIAL CRITERIA TO CONSIDER IN LONG-TERM CARE REFORM LINDA CHOW, FSA, MAAA PRESENTER; MEMBER, LTC CRITERIA WORK GROUP CHRIS GIESE, FSA, MAAA PRESENTER; MEMBER, LTC CRITERIA WORK GROUP DAVID LINN MODERATOR;
More informationArticle from: Risks & Rewards. August 2014 Issue 64
Article from: Risks & Rewards August 2014 Issue 64 ALM TRANSFORMATION By Eric L. Clapprood, Jeffrey R. Lortie and Kathryn M. Nelson In a world of uncertainty, there are consistently two sure things consultants
More informationTax Briefing No 78. This content is more than 5 years old. Where still relevant it has been incorporated. into a Tax and Duty Manual
Revenue Commissioners Tax Briefing No 78 2009 Islamic Finance Introduction Islamic finance covers any financing arrangement that is compliant with the principles of Shari'a law. Specifically, there are
More informationWe believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
2012 Annual Report Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying statement of financial position of Manufacturers P&C Limited as at 31 December 2012 and
More informationFamily Takaful Agents' Certification. Summary of the Syllabus
Family Takaful Agents' Certification Summary of the Syllabus Institute of Financial Markets of Pakistan 2016 OBJECTIVE OF THE EXAMINATION The objective of this course is to equip the trainee with the knowledge
More informationSummary of Risk Management Policy PT Bank CIMB Niaga Tbk
Summary of Risk Management Policy PT Bank CIMB Niaga Tbk The Policy is effective since obtain approval from the Board of Commisssioner (BoC) in May 2018 Risk management is an essential part of operational
More informationERM Concepts and Framework. Paul Duffy
Society of Actuaries in Ireland ERM Concepts and Framework Paul Duffy 13 th May 2010 *connectedthinking Lecture Plan Introduction to ERM Describe the concept of ERM Discuss the framework for risk management
More informationAFIRC-Hawkamah Policy Brief on Corporate Governance for the Insurance Industry in the MENA Region
AFIRC-Hawkamah Policy Brief on Corporate Governance for the Insurance Industry in the MENA Region Media Roundtable 22 March 2009 Dr. Nasser Saidi Hawkamah Institute for Corporate Governance Good Governance,
More informationRPM Product Development Workshop
RPM Product Development Workshop Regulation Thomas G. Hess FCAS, MAAA, ARM Ohio Department of Insurance Disclaimers and Acknowledgements Many thanks to Patrick Causgrove who developed and presented earlier
More informationPrinciples and Practices of Financial Management
Your modern mutual Principles and Practices of Financial Management June 2017 How we manage your money The Shepherds Friendly Society Limited Registered Office: Haw Bank House, High Street, Cheadle, Cheshire
More informationPRINCIPLES OF TAKAFUL
PRINCIPLES OF TAKAFUL PRESENTED BY: IIU PRINCIPLES OF TAKAFUL Introduction to Takaful Comparison between conventional and Islamic Insurance Main elements of Takaful Insurance Types of Takaful contracts
More informationCaptives and Trade Credit Insurance. Paul Kunzer February 3, 2015
Captives and Trade Credit Insurance Paul Kunzer February 3, 2015 2 Trade Credit Insurance Primer Insures against insolvency, protracted default and political risks of insured s customers (Buyers) Covers
More informationSolvency II. Building an internal model in the Solvency II context. Montreal September 2010
Solvency II Building an internal model in the Solvency II context Montreal September 2010 Agenda 1 Putting figures on insurance risks (Pillar I) 2 Embedding the internal model into Solvency II framework
More informationRetirement for the AGES Assessment
Retirement for the AGES Assessment Forward Thinking Task Force Proposal: USA Retirement Funds Grade: A- In The Retirement Crisis and a Plan to Solve It, a white paper by U.S. Senator Tom Harkin (Iowa),
More informationReport of The Equitable Life Assurance Society s With-Profits Actuary on the proposed transfer of annuity business to Canada Life
Report of The Equitable Life Assurance Society s With-Profits Actuary on the proposed transfer of annuity business to Canada Life 1. Introduction 1.1 Purpose The purpose of this report is to describe the
More informationResource Allocation, Management, and Planning Presentation for Board of Regents
Resource Allocation, Management, and Planning Presentation for Board of Regents April 27, 2018 1 Industry Overview 2 Recent Trends in Budgeting A significant number of institutions have recently decided
More informationEnterprise risk management in Japan
Enterprise risk management in Japan Japan Introduction The Japanese insurance market is the second largest in the world and the largest one overseen by a single supervisor. Figures collected by the General
More informationstrong reliable trustworthy forward-thinking
2010 Annual Report strong reliable trustworthy forward-thinking Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying financial statements of Manufacturers P&C
More informationAnnual Business Plan July 1, 2015 through June 30, 2016
www.montanastatefund.com Annual Business Plan July 1, 2015 through June 30, 2016 Table of Contents From the President... 1 Executive Summary... 2 Strategic Framework... 3 Key Success Measures... 4 Organizational
More informationGrowth and profit drivers in non-life R/I
Accomplishing profitable growth in a challenging environment Jürgen Gräber, Member of the Executive Board/COO non-life 15th International Investors' Day 2012 London, 18 October 2012 Growth and profit drivers
More informationypt Briefings May years, with itself in 1978, 1984). worth noting Islamic penetration
The Dynamics of Takaful Markets of the Middle East and Malaysia: Similar Models, Different Approaches, Contrasting Fortunes A.M. Best Introduction The concept of Sharia compliant insurance has gained significant
More informationTakaful. Azeem Pirani Head of Marketing & Alternate Distribution Pak-Qatar Family Takaful. July. 13 th, 2007 M.A.J.U. Karachi.
Takaful Azeem Pirani Head of Marketing & Alternate Distribution Pak-Qatar Family Takaful July. 13 th, 2007 M.A.J.U. Karachi 13th July 2007 1 Agenda Takaful A product and an ideology History of Takaful
More information29 th India Fellowship Seminar
29 th India Fellowship Seminar 1-2 June 2018 Reinsurance - Life post Registration & Operations of branches of foreign reinsurers (Regulations 2015) Changing approach to Product pricing, Business plan,
More informationThe Certified Islamic Specialist in Takaful
1 The Certified Islamic Specialist in Takaful Introduction: The necessity for the Islamic world to meet its financial needs has been increasing incessantly as a result of the irregularities and illegalities
More informationOverview of Results of ERM 1 Assessment based on ORSA 2 Reports and ERM Hearings
Overview of Results of ERM 1 Assessment based on ORSA 2 Reports and ERM Hearings 1. Background Based on the equation below, assuming that the amount of capital is constant, insurance companies can improve
More informationINSURANCE SOLVENCY SUPERVISION, EUROPEAN REGULATION AND TAKAFUL PRODUCTS
INSURANCE SOLVENCY SUPERVISION, EUROPEAN REGULATION AND TAKAFUL PRODUCTS ALBERTO DREASSI* Abstract This paper investigates the application of global solvency supervisory principles and the European Solvency
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY CONSULTATION PAPER THE ENHANCED REPORTING REQUIREMENTS FOR LIMITED PURPOSE INSURERS JANUARY 2012 TABLE OF CONTENTS I. INTRODUCTION 3 II. EXECUTIVE SUMMARY 4 III. BACKGROUND 5
More informationTAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI. KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA
TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA It is indeed a pleasure and an honour for me to address participants
More informationCLARIFICATION NOTE FOR DIRECTIVE ON MINIMUM CAPITAL REQUIREMENT BY LABUAN LICENSED ENTITIES
CLARIFICATION NOTE FOR DIRECTIVE ON MINIMUM CAPITAL REQUIREMENT BY LABUAN LICENSED ENTITIES 1.0 Preamble 1.1 This note is issued to clarify on the minimum capital requirements and solvency requirements
More informationProtecting the Growing Seeds: the Role of Microinsurance and Microtakaful in Indonesia
Protecting the Growing Seeds: the Role of Microinsurance and Microtakaful in Indonesia Moch. Muchlasin Director Sharia Non- Bank Financial Institutions 1 Utilization of Financial Products 57.3% 11.8% Utility
More informationWHITE PAPER. Solvency II Compliance and beyond: Title The essential steps for insurance firms
WHITE PAPER Solvency II Compliance and beyond: Title The essential steps for insurance firms ii Contents Introduction... 1 Step 1 Data Management... 1 Step 2 Risk Calculations... 3 Solvency Capital Requirement
More informationTHE ROLE OF DIRECTORS AND CEOs IN CORPORATE GOVERNANCE PRESENTED BY: DR. LAWRENCE S. SIKUTWA ARUSHA - 27 AUGUST 2018
THE ROLE OF DIRECTORS AND CEOs IN CORPORATE GOVERNANCE PRESENTED BY: DR. LAWRENCE S. SIKUTWA ARUSHA - 27 AUGUST 2018 Quote: Good corporate governance ensures that companies use their resources more efficiently,
More informationBackground Paper. Market Risk Transfer. Phillippe R. D. Anderson The World Bank
Background Paper Market Risk Transfer Phillippe R. D. Anderson The World Bank Market Risk Transfer Background Paper for the World Development Report 2014 on Opportunity and Risk: Managing Risk for Development
More informationBERMUDA INSURANCE (GROUP SUPERVISION) AMENDMENT RULES 2015 BR 54 / 2015
QUO FA T A F U E R N T BERMUDA INSURANCE (GROUP SUPERVISION) AMENDMENT RULES 2015 BR 54 / 2015 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 Citation Amends rule 2 Amends rule 10 Amends rule 19 Amends rule
More informationFor 2018 Examinations
Institute of Actuaries of India Subject ST1 Health and Care Insurance For 2018 Examinations Subject ST1 Health and Care Specialist Technical Syllabus Aim The aim of the Health and Care Specialist Technical
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful April 2015 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More informationA GUIDE TO CONVENTIONAL WITH-PROFITS WITH-PROFITS INVESTMENTS
A GUIDE TO CONVENTIONAL WITH-PROFITS WITH-PROFITS INVESTMENTS HOW WILL THIS GUIDE HELP? This guide explains how our with-profits fund works for our conventional with-profits contracts and will help you
More informationOverview of IFRS17. David Burton
Overview of IFRS17 David Burton 12 September 2017 Agenda An overview of IFRS 17 Building Block Approach Premium Allocation Approach Contracts with participating features Implementation Agenda An overview
More informationNorth Carolina Insurance Underwriting Association
Financial Report (Statutory Basis) 09.30.2009 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. Contents Independent Auditor s Report
More informationAnnual Report. Manufacturers P&C Limited
2015 Annual Report Manufacturers P&C Limited Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying financial statements of Manufacturers P&C Limited which comprise
More informationOPPOSE H. R. 2874, THE 21 ST CENTURY FLOOD REFORM ACT
1 November 7, 2017 OPPOSE H. R. 2874, THE 21 ST CENTURY FLOOD REFORM ACT Dear Representative, I write this letter on behalf of Consumer Federation of America (CFA) where I am the Director of Insurance.
More informationCHAPTER Committee Substitute for House Bill No. 1-A
CHAPTER 2007-1 Committee Substitute for House Bill No. 1-A An act relating to hurricane preparedness and insurance; amending s. 163.01, F.S., relating to the Florida Interlocal Cooperation Act; redefining
More informationPHASE II: WHY IS IT IMPORTANT? Nicolette Jenez Senior Director Pensions Financial Services Commission
PHASE II: WHY IS IT IMPORTANT? Nicolette Jenez Senior Director Pensions Financial Services Commission Outline Objectives Background Highlights of Phase II Conclusion OBJECTIVES To create an effective regulatory
More informationInsurance Summit Mr Raymond Tam Executive Director (Policy and Development) Insurance Authority 21 September 2017
Insurance Summit 2017 Mr Raymond Tam Executive Director (Policy and Development) Insurance Authority 21 September 2017 Priority of Policy Initiatives Development of risk-based capital regime Facilitation
More informationACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION. 30 JUNE 2018 (Reviewed)
ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION 30 JUNE 2018 (Reviewed) ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 CONTENTS
More information