According to The Islamic Finance Development Report 2018, total assets of Takaful and Re-Takaful stand at 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 Takaful 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 Eastern countries, the Kingdom of Saudi Arabia followed by the United Arab Emirates are the major contributors in the Takaful industry. Reinsurance Market is expected to grow at 3.3% CAGR to hit $318.9 Bn by 2025.
The World Takaful and InsurTech Conference (WTIC 2020) shall address the recent innovations and developments in Digitization such as IoT InsurTech, NESA regulations, Cloud & Blockchain, the need for sound risk management, and the current US-Iran political unrest stirring an increase in the overall Insurance premiums and more. WTIC 2020 shall help better understand Mega Trends in Takaful Insurance, Cooperative Insurance and Reinsurance 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.
Harmonizing the inconsistent Takaful regulations around the world and evaluating the confluence of regulatory changes which enables international expansion of Takaful business.1
Empowering the Takaful industry to the attention of investors to enable marketing awareness, higher penetration rates, corporate governance and improve consumer awareness2
Bridging the gap between industry peers from Insurance to Takaful, and large corporates to start-ups interested in collaborative initiatives3
Establishing a regional synergy between Takaful, Cooperative Insurance and remodeling the Retakaful and Reinsurance sectors4
Director General of Insurance Control, Saudi Arabian Monetary Authority (SAMA) and participation from Saudi Arabian Cooperative Insurance. An unparallel opportunity to explore MENA’s largest insurance market, Saudi Arabia.
A CIO’s opportunity to deliver more business value than ever. How successful are CIO’s in recognizing and adapting the evolving challenges by envisioning Digital Transformation and leveraging technology and data to improve business efficiency, create digital customers, deliver seamless customer experience and staying ahead in competition?
CEO’s focus on risk management, as global events surrounding climate change, pandemics and geo-political issues are now making corporates uneasy. Reviewing the future of Islamic and conventional insurance, with the social expectations changing, increase in number of significant direct and indirect competitors, changes in distribution channels, continued global economic uncertainty, changing customer behavior, and the regional tax and regulatory environments evolving rapidly, are CEOs able to understand their competitive position?
Unprecedented exclusive panel session honoring the women leaders in Islamic and Conventional Insurance, to recognize the contributions of women executives in all areas of the insurance industry. This session will highlight how women leaders operate the rapidly changing industry.
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