According to Islamic Finance Development Report 2018 total assets of Takaful and re-Takaful are USD 46 billion which is only 2% of total Islamic finance industry with total 324 Takaful operators in 47 countries. Although Takaful contribution seems less, however, the overall impact and the potential to grow is huge. The insurance ecosystem is enduring transformation and innovation at an incredible pace. Premium wise, the Takāful industry is growing around at the rate of 19%. Majority of shares i.e. more than 62% is contributed by the Middle Eastern economies. Among the Middle East countries, the Kingdom of Saudi Arabia is the major contributor in Takāful industry.
With recent developments in Digitization such as IoT InsuTech, NESA regulations, Cloud & Blockchain and other technological enhancements, along with the need of sound risk management, The World Takaful and InsurTech Conference (WTIC2020) shall help better understand Mega Trends in Insurance, Reinsurance and the Cooperative Insurance and the underlying opportunities and challenges within the industry.
WTIC 2020 is the definitive forum to meet leading minds from Takaful, InsurTech, Cooperative Insurance and Global Reinsurance players, with representation from over 35 countries, ranging from key markets for Takaful such as the GCC and South East Asia to emerging markets such as Africa and Europe.
The 15th Annual World Takaful and InsurTech Conference offers an unparalleled platform for capacity building, thorough knowledge of Takaful industry and a significant opportunity for networking and collaboration within the Insurance, Cooperative and Reinsurance industry.