Willis Launches the UK's First Shariah Compliant Real Estate Insurance Solution
London, UK, June 10, 2014 - In response to growing demand from property investors for insurance cover that is compliant with Islamic law, Willis Group Holdings (NYSE: WSH), the global risk adviser, insurance and reinsurance broker, has launched the UK's first Shariah compliant commercial real estate insurance.
The cover offers real estate investors and companies access to insurance that is compliant with the principles of Shariah law. It is underwritten by Cobalt Underwriting, a specialist insurance and reinsurance underwriting agency based in London. Security is provided by QBE Insurance (Europe) Limited and XL Group PLC. The policy retains price neutrality, meaning the premiums are equivalent to a like-for-like non-Shariah policy.
John Dilley, Managing Director of the Willis Real Estate Practice, commented: "While the global economic crisis has impacted many areas of the world's financial system, Islamic finance has continued to deliver a rapid rate of growth. Islamic finance assets reached an estimated $1.7 trillion at the end of 2013, having experienced an average compound annual growth rate of 17.6% over the prior four yearsi."
He continued: "Hand in hand with the growth in Islamic finance is the demand for Shariah compliant insurance cover, in particular for real estate investors. Access to underwriting capacity, which is compliant with Islamic law for major risks, has not previously been available in the UK. Willis has responded to the needs of real estate investors by developing the UK's first Shariah compliant real estate insurance solution."
About Willis
Willis Group Holdings plc is a leading global risk adviser, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,500 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
Willis Towers Watson Public Limited Company is a world leader in consulting, insurance brokerage and risk management software development. Revenues break down by activity as follows:
- human capital and social benefits consulting services (35.6%): consulting services in the organization, skills assessment, management and optimization of social benefits, compensation of executives and employees, etc. ;
- development of enterprise risk management solutions and services (31.9%): risk analysis, assessment consulting, effective risk management and anticipation services, design and development of software solutions for risk management. The group is also developing an insurance brokerage activity;
- risk/return balance management consulting services (17.7%): for investors, insurers and reinsurers. Additionally, the group offers insurance and reinsurance consulting services, financial management services, financing and investment strategies, as well as actuarial studies and expertise in mergers and acquisitions, etc., while developing software solutions for modeling and analysis of risks and financial activities;
- management and operation of a platform for the exchange and outsourcing of group health insurance plans and medical benefits (14.7%): allowing employees and retirees to choose the health coverage that meets their needs;
- other (0.1%).
Revenue is distributed geographically as follows: Ireland (1.7%), the United States (49.7%), the United Kingdom (20.5%) and other (28.1%).
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