XL Group will offer Shariah compliant insurance coverage to large and middle market clients through a relationship with underwriting agency Cobalt.
The move is a bid to tap the enormous potential market; in 2011 it was estimated that global Islamic financial assets stood at $1.631 trillion and the global Islamic financial services industry is valued at an economic crisis defying $1.357 trillion. Initially the cover will focus on property cover with a maximum capacity cover of up to $300 million.
Jason Harris, chief executive international P&C insurance for XL Group, commented: “This is a growing, untapped market and as we explore other product offerings, we are looking forward to helping it develop. Working closely with Cobalt, which has a prominent Shariah advisory board, we are well placed to put our vast experience in property risks to work for clients seeking this type of cover.”
Richard Bishop, CEO of Cobalt Underwriting, added: “we believe that XL group has provided the capacity needed to encourage these customers to seek Shariah-compliant property insurance from us, and we look forward to developing and expanding what we can offer in the future.”
XL, Cobalt, Shariah-compliant insurance