First Takaful Window in Yemen

Business Life Magazine, March 2008: This year, Untied Insurance have introduced the golden and silver policies in the motor industry ...
that include more coverage and more extended comprehensive covers. Tarek A. Hayel Saeed, the General Man¬ager and Member of the Board of United Insurance Co. in Yemen, spoke about his company's latest developments and future projects in the real estate sector. Saeed also introduced some of his company's latest services and about the oil and gas in Yemen. 

 
Saeed explained about the latest de¬velopments in his company in addition he provided a view about the results of 2007. In addition, he talked about his company's projects during the real estate boom in Yemen. Saeed said: "As United Insurance Co., we are the leading insurance company in Yemen. We have a new project for the coming year where we are going to enter the Takaful insurance." 
 
In addition, Saeed introduced his com¬pany's new services. The clients could now check on their policies using the SMS service. Then he elaborated by explaining about United Insurance Company achievements in 2007 and said:'' The figures have not been published yet but there had been an increase in the premium by 18% compared to the 2006 premium." 
 
The Tadhamon Islamic International bank would help a lot in the new Takaful window as this bank is the largest bank in Yemen. It is expected that United Insurance Co. would make a good income from the Takaful section. Nowadays, this insurance company is rated as number one in Yemen and it had been a leader in the market since 1995. "Compared to other companies, United Insurance Company had 45% of market share in 2006 and the percentage increased in 2007," explained the GM.

Saeed further explained some details about the Takaful business, saying that "there will be a separate capital for Takaful that is being arranged for. The Takaful would be a branch for the Takaful Insurance Company and it would have a separate accounting and reinsurance and it would be separated from the United Insurance work."

Regarding the competition in Yemen, Saeed said:" We are preparing ourselves for opening up the Yemeni market and we do not have problems with that. With the entering of new companies, this would reflect on the whole insurance industry but we do not think this would have a great influence on us."

Saeed also talked about opening a new branch for the insurance company in Ebb city and he said:" We have the widest branches all over the country among all insurance companies. We still would like to expand more but we lack the availability of qualified people and this is an obstacle Yemen."