|[January 28, 2013]
BestWeek Asia-Pacific: GCC Takaful Regulation Lags Behind Market Growth
HONG KONG --(Business Wire)--
While the takaful industry has been developing rapidly in the countries
of the Gulf Cooperation Council, the development of takaful regulation
varies significantly country by country, according to a new special
report featured in BestWeek Asia-Pacific. As a result, the levels
of policyholder protection differ from one state to another, which has
created opportunities for takaful operators to pursue regulatory
Indeed, there is significant debate as to the right level of regulation.
Market participants in some of the more demanding regimes consider the
regulations to be stifling their companies. A.M. Best believes the
solution is not less regulation but more consistent application of
regulation throughout the region, which has the potential to provide
sufficient policyholder protection, and thus safeguard the long-term
viability of the takaful industry.
Also featured in BestWeek Asia-Pacific, a look at how widening
health protection gaps in China are creating an opening and potential
major role for private individual medical insurance to fill the gap.
Health care spending is projected t grow from US$357 billion in 2011 to
US$1 trillion in 2020, according to consultancy McKinsey & Co. Cigna
Corp. told BestWeek Asia-Pacific the sustainability of the
commercial group medical insurance market remains a big concern to many
insurers in China, paving the way for private individual medical
insurance to "play an important supplementary role" in health care
The Jan. 29 edition is available at www.bestweek.com/asia
BestWeek is published by A.M. Best Co. for insurance
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Founded in 1899, A.M. Best Co. is the world's oldest and most
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Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
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