Takaful Premiums to Grow as More Countries Introduce Compulsory Health Cover: Moody’s 

According to Moody’s Investors Service (Moody’s), Takaful growth prospects remain healthy in the Gulf Cooperation Council (GCC) countries, Africa and Southeast Asia, owing to their large Muslim populations, relatively low insurance penetration and rising demand on the back of requirements for compulsory medical cover.

Why it Matters?

Takaful accounted for an average of 29% of total insurance premiums in its largest markets at end-2020, and penetration of all insurance products is in the low to mid-single digits. As more governments implement risk-based capital regulation, the Takaful industry’s capitalisation is expected to improve. Although there would be some implementation and operational challenges in the short term, including i...