The Insurance Insider

Lloyd’s set to write first Shariah-compliant risk

Lloyd's is close to accepting its first Shariah-compliant risk after giving XL's Syndicate 1209 approval to write equine cover through Islamic insurance managing general agent Cobalt. XL is a leader in the equine market and it is understood the syndicate approached Cobalt to adapt the product into something suitable for Islamic buyers. The majority of the equine risks in question are thought to originate from Kentucky - a world leader in breeding show horses.

Shariah-compliant market sentiment improves

A study carried out by the Qatar Financial Centre Authority has found that the outlook for Takaful insurers improved over the past year, but many remain critical of the segment's future. Just 22 percent of respondents thought Takaful insurers would underperform the rest of the market, down from the 32 percent recorded in the prior year. But executives said that they felt Takaful offered no genuine differentiation and often did not live up to the concept.

Syndicate content