Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, announced that it will convene the 13th edition of their annual offering—The World Takaful Conference (WTC)—in strategic partnership with the Dubai International Financial Centre (DIFC) and supported by the Insurance Authority (IA) on 9 April.
With a single-minded focus of acquiring market share, the Takaful industry has found itself facing decreased net profits owing to implementation of aggressive growth strategies that are undifferentiated and price-based, often squeezing out underperformers. Such growth, however, has been found to be unstable and short-term, making it imperative to devise new strategies in order to increase bottom line and underwriting profit margins.
Due to intense competition, Takaful operators in the GCC are now looking at alternative consumer segments and exploring merger options. The lack of uniform regulations to operate easily across different Takaful models has emerged as a major growth obstacle, according to EY.
The need of the hour is a shift to a sustainable competitive strategy that leverages the USP of Takaful, takes into account risk-based pricing and explores new consumer segments and rapid growth markets for achieving profitable long-term growth. Consolidation within the industry to form large-scale operators is one move that is highly encouraged.
Focusing on the issue at hand, WTC will witness an immersive industry leaders’ panel discussion with a strong focus on the profitability and sustainable growth for the global Takaful industry.