LONDON, June 10, 2014 (GLOBE NEWSWIRE) -- 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."
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.
i Source: World Islamic Banking Competitiveness Report 2013-14, Ernst & Young
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