The Islamic Insurance Association of London (IIAL) has called on brokers to better serve the needs of Muslim clients by offering solutions that comply with Sharia or Islamic law. The trade group conducted a global survey of potential buyers and almost 50% of the respondents felt that they were not offered the right option by their brokers when it comes to placement or renewal discussions. IIAL chairman Max Taylor said there is a real need for the Islamic insurance markets to work together to tackle the misconception that cover is not currently available. He added that global standards would create a level playing field and provide clarity for the buyers, leading to an increased appetite for Islamic insurance products.
Cobalt Insurance and Capita Managing Agency have received approval from Lloyd’s of London to launch the first Sharia-compliant syndicate of the specialist insurance market. Once it gets full approval, the new Lloyd’s business will be named Cobalt Syndicate 1438, which is the Islamic calendar’s number for the year 2017. Cobalt founder Richard Bishop said the aim of the syndicate was to look to underwrite new business from emerging markets and working with others in Lloyd’s to extend their participation in those markets. Cobalt will start underwriting in the first quarter of 2017 with initial focus on developing a property and specialty-focused book of commercial business from emerging markets in the Middle East, North Africa and Asian regions.