German insurance firm Allianz will launch life and non-life Shariah insurance products in Indonesia. Asuransi Allianz Life will offer unit linked life insurance and Asuransi Allianz Utama will offer fire and motor vehicle
insurance.
Allianz believes the growing Islamic market in Indonesia will improve insurance penetration in Indonesia (currently below 3%) and follow the success of Malaysia, where 20% of life premiums come from Islamic
insurance. In Indonesia, the Shariah based life premiums account for only 1%.
Asuransi Allianz Life has a target of 1,000 Shariah life policies and US$534,691 in premium income from the Shariah segment in 2006 Asuransi Allianz Utama has a target of 2,000 Shariah non-life policies and US$534,691 in premium income within the first year from its nonlife Shariah business. |
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