According to ratings agency A.M.Best, Allianz SE, the Asia-Pacific subsidiary of Allianz Insurance of Germany intends to expand its reach across South East Asia in 2012.
Currently operating in Indonesia, Allianz SE offers unit-linked and individual health Takaful products in the country. Conventional insurers are at present allowed to sell Takaful products in Indonesia, but companies can only offer either family or general Takaful policies. For general Takaful, Allianz Utama Indonesia provides car and house protection for individuals and property and business interruption coverage to SMEs. Capital requirements for Takaful companies in Indonesia are lower than for conventional insurers.
In July Allianz Malaysia tried to acquire a stake in Takaful Ikhlas, part of MNRB Holdings, which would have allowed it to start distributing Takaful products in South East Asia's largest Islamic finance market. The negations came to naught, but according to A.M.Best, who spoke to Allianz Insurance Management regional CEO Asia-Pacific, Kamesh Goyal, the insurer wants another crack at the market. He told A.M.Best: "Takaful is a business in which we are keen to grow and expand... We are looking at Malaysia very closely and would be ready to include Takaful in our portfolio when the opportunity arises."
© The Islamic Globe 2011
