Takaful Emarat Insurance to Boost Premiums Fourfold This Year

Takaful Emarat Insurance PSC, a joint venture between the United Arab Emirates’ Al Buhaira National Insurance Co. and UNIQA Group Austria, plans to boost gross written premiums more than fourfold this year.

The Shariah-compliant company is targeting 65 million dirhams ($18 million) in gross written premiums compared with 14 million dirhams last year, General Manager Ghassan Marrouche said at a conference in Dubai today.

“Medical insurance is becoming compulsory, so we will see a rise in demand,” Marrouche said. “We have many more products in the pipeline.”

Takaful Emarat began offering three new savings plans -- education, general savings and wealth management for individuals -- in the first week of April, he said. The plans may contribute as much as 10 million dirhams to gross premiums this year, he said. "The products can be linked to over 20 funds, but participants can invest in 10 funds at one time," he said.

Takaful Emarat is looking to expand services to the Middle East and Asia, helped by demand in countries such as Jordan, Syria, Pakistan and India, Marrouche said.

To contact the reporter responsible for this story: Dana El Baltaji in Dubai delbaltaji@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.

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